Is the US (and a number of other high-income countries) on the road to fiscal armageddon? Are recent jumps in government bond rates proof that investors are worried about fiscal prospects? My answers to these questions are: No and No. This does not mean there is no reason for worry. It is rather that there are powerful arguments against fiscal retrenchment right now and strong reasons for welcoming recent moves in the bond markets.
美國（和其它許多高收入國家）是否走在財政大災難的路上？近期政府債券收益率上揚是否驗證了投資者對財政前景的擔憂？我給這些問題的答案是：除了否定，還是否定。這並不意味著不存在擔憂的理由。毋寧說，目前存在反對財政緊縮的有力論據，以及歡迎近期債券市場動向的強勁理由。
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