奥巴马署名文章:美国经济,路在何方?【下】

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752/10.8/33th

精读计划 33

【本期导读】

上接第32期。本节重点是奥巴马对美国经济发展问题的指出和建议。

【原汁原味】

Building a sturdier foundation

Finally, the financial crisis painfully underscored the need for a more resilient economy, one that grows sustainably without plundering the future at the service of the present. There should no longer be any doubt that a free market only thrives when there are rules to guard against systemic failure and ensure fair competition.

Post-crisis reforms to Wall Street have made our financial system more stable and supportive of long-term growth, including more capital for American banks, less reliance on short-term funding, and better oversight for a range of institutions and markets. Big American financial institutions no longer get the type of easier funding they got before—evidence that the market increasingly understands that they are no longer “too big to fail”. And we created a first-of-its-kind watchdog—the Consumer Financial Protection Bureau—to hold financial institutions accountable, so their customers get loans they can repay with clear terms up-front.

But even with all the progress, segments of the shadow banking system still present vulnerabilities and the housing-finance system has not been reformed. That should be an argument for building on what we have already done, not undoing it. And those who should be rising in defence of further reform too often ignore the progress we have made, instead choosing to condemn the system as a whole. Americans should debate how best to build on these rules, but denying that progress leaves us more vulnerable, not less so.

America should also do more to prepare for negative shocks before they occur. With today’s low interest rates, fiscal policy must play a bigger role in combating future downturns; monetary policy should not bear the full burden of stabilising our economy. Unfortunately, good economics can be overridden by bad politics. My administration secured much more fiscal expansion than many appreciated in recovering from our crisis—more than a dozen bills provided $1.4 trillion in economic support from 2009 to 2012—but fighting Congress for each commonsense measure expended substantial energy. I did not get some of the expansions I sought and Congress forced austerity on the economy prematurely by threatening a historic debt default. My successors should not have to fight for emergency measures in a time of need. Instead, support for the hardest-hit families and the economy, like unemployment insurance, should rise automatically.

Maintaining fiscal discipline in good times to expand support for the economy when needed and to meet our long-term obligations to our citizens is vital. Curbs to entitlement growth that build on the Affordable Care Act’s progress in reducing health-care costs and limiting tax breaks for the most fortunate can address long-term fiscal challenges without sacrificing investments in growth and opportunity.

Finally, sustainable economic growth requires addressing climate change. Over the past five years, the notion of a trade-off between increasing growth and reducing emissions has been put to rest. America has cut energy-sector emissions by 6%, even as our economy has grown by 11%. Progress in America also helped catalyse the historic Paris climate agreement, which presents the best opportunity to save the planet for future generations.

A hope for the future

America’s political system can be frustrating. Believe me, I know. But it has been the source of more than two centuries of economic and social progress. The progress of the past eight years should also give the world some measure of hope. Despite all manner of division and discord, a second Great Depression was prevented. The financial system was stabilised without costing taxpayers a dime and the auto industry rescued. I enacted a larger and more front-loaded fiscal stimulus than even President Roosevelt’s New Deal and oversaw the most comprehensive rewriting of the rules of the financial system since the 1930s, as well as reforming health care and introducing new rules cutting emissions from vehicles and power plants.

The results are clear: a more durable, growing economy; 15m new private-sector jobs since early 2010; rising wages, falling poverty, and the beginnings of a reversal in inequality; 20m more Americans with health insurance, while health-care costs grow at the slowest rate in 50 years; annual deficits cut by nearly three-quarters; and declining carbon emissions.

For all the work that remains, a new foundation is laid. A new future is ours to write. It must be one of economic growth that’s not only sustainable but shared. To achieve it America must stay committed to working with all nations to build stronger and more prosperous economies for all our citizens for generations to come.

【词句精读】

Building a sturdier foundation

把基础再打牢些

Finally, the financial crisis painfully underscored the need for a more resilient economy, one that grows sustainably without plundering the future at the service of the present. There should no longer be any doubt that a free market only thrives when there are rules to guard against systemic failure and ensure fair competition.

最后,金融危机再次凸显了一个富有弹性的经济体制的重要性;这样的体制可以在不牺牲未来、发展当下的前提下逐步发展成熟。毫无疑问,一个自由竞争市场的繁荣发展离不开预防系统性风险,确保公平竞争的相关规则。

1.    Painfully |You use painfully to emphasize a quality or situation that is undesirable. (用以强调不好的性质或情形)非常

2.    Plunder vt.掠夺

Post-crisis reforms to Wall Street have made our financial system more stable and supportive of long-term growth, including more capital for American banks, less reliance on short-term funding, and better oversight for a range of institutions and markets. Big American financial institutions no longer get the type of easier funding they got before—evidence that the market increasingly understands that they are no longer “too big to fail”. And we created a first-of-its-kind watchdog—the Consumer Financial Protection Bureau—to hold financial institutions accountable, so their customers get loans they can repay with clear terms up-front.

金融危机后对华尔街进行了一系列改革,使得金融体系运行更加稳定,得以支撑经济的长远发展。这些措施包括:包括为美国银行注入更多资本,减少对短期融资的依赖,以及对机构和市场进行更有力的监管。实力强大的美国金融机构不再像之前那样轻易就能获得便捷融资——证据表明,市场日益清楚这些金融机构早已经不是“大而不倒”。我们设立了首个监管机构——美国消费者金融保护署——督促金融机构落实责任,这样金融消费者可以提前明晰条款,再进行量力借贷。

3.     First-of-its-kind 首个的,史无前例的

4.     Watchdog 看门狗;监管机构

A watchdog is a person or committee whose job is to make sure that companies do not act illegally or irresponsibly. 监察员; 监察委员会

But even with all the progress, segments of the shadow banking system still present vulnerabilities and the housing-finance system has not been reformed. That should be an argument for building on what we have already done, not undoing it. And those who should be rising in defence of further reform too often ignore the progress we have made, instead choosing to condemn the system as a whole. Americans should debate how best to build on these rules, but denying that progress leaves us more vulnerable, not less so.

尽管已取得多方进展,但影子银行体系的相关机构仍然存在诸多漏洞,而住房金融体系尚未进行改革。这是支持我们当初继续适用已有规则措施而非“弃而不用”的理由之一。那些可能会起身为进一步深化改革辩护的人往往忽视我们所取得的进展,反而选择谴责整个金融系统。除了不相信已有的发展暴露出来经济体制存在的更多(而非更少)缺陷,美国人应该探讨一下如何最有成效地利用这些现有规则。

5.    Condemn vt.谴责,责备

6.    Shadow banking system |The shadow banking system is a term for the collection of non-bank financial intermediaries that provide services similar to traditional commercial banks but outside normal financial regulations.

America should also do more to prepare for negative shocks before they occur. With today’s low interest rates, fiscal policy must play a bigger role in combating future downturns; monetary policy should not bear the full burden of stabilising our economy. Unfortunately, good economics can be overridden by bad politics. My administration secured much more fiscal expansion than many appreciated in recovering from our crisis—more than a dozen bills provided $1.4 trillion in economic support from 2009 to 2012—but fighting Congress for each commonsense measure expended substantial energy.

在负面冲击爆发之前,美国也应该有所准备。由于现在利率偏低,财政政策必须在应对未来经济衰退中发挥更大的作用;稳定经济运行不能全依赖于货币政策。但遗憾的是,不恰当的政治主张可能会“摧毁”运行良好的国民经济。除了常识性的改革措施为获国会批准费了不少劲,我国政府比其他政府(它们从美国金融危机中复苏经济,获得民众肯定)获准实行了多轮财政扩张政策:09-12年间,数份议案所涉经济援助资金达1.4万亿美元。

I did not get some of the expansions I sought and Congress forced austerity on the economy prematurely by threatening a historic debt default. My successors should not have to fight for emergency measures in a time of need. Instead, support for the hardest-hit families and the economy, like unemployment insurance, should rise automatically.

我还尚未推行扩张性财政政策,而国会以将要爆发“历史性债务违约”为理由,贸然推行紧缩财政政策。我的继任者不应该只在经济遭遇危难之时才请求紧急措施。相反,对最贫困家庭和经济的援助,如同失业保险一样,应该顺势而生。

7.    Prematurely adv.过早地

8.    Debt default 债务违约

9.    Emergency measure 应急措施

Maintaining fiscal discipline in good times to expand support for the economy when needed and to meet our long-term obligations to our citizens is vital. Curbs to entitlement growth that build on the Affordable Care Act’s progress in reducing health-care costs and limiting tax breaks for the most fortunate can address long-term fiscal challenges without sacrificing investments in growth and opportunity.

坚持维护财经纪律以扩大民众对经济体制的支持,进而满足我们对公民长远应尽义务的要求是至关重要的。依赖于平价医疗法案在缩减医疗费用、限制对富人税收减免方面所取得的进展,抑制政府福利过快增长,将有助于在不牺牲对经济增长和发展机遇的投资的前提下,解决长期以来的财政危机。

Finally, sustainable economic growth requires addressing climate change. Over the past five years, the notion of a trade-off between increasing growth and reducing emissions has been put to rest. America has cut energy-sector emissions by 6%, even as our economy has grown by 11%. Progress in America also helped catalyse the historic Paris climate agreement, which presents the best opportunity to save the planet for future generations.

最后,可持续的经济增长需要解决气候变化问题。过去的五年,经济增长和减少排放之间的利益平衡理念已经被抛之脑后了。美国能源部门的排放量已削减6%,但同时我们的经济增长了11%。美国所取得的成果也将有助于推动意义重大的巴黎气候协议的落实,该协议提出了为子孙后代拯救地球最好的可能。

A hope for the future

对未来的期待

America’s political system can be frustrating. Believe me, I know. But it has been the source of more than two centuries of economic and social progress. The progress of the past eight years should also give the world some measure of hope. Despite all manner of division and discord, a second Great Depression was prevented. The financial system was stabilised without costing taxpayers a dime and the auto industry rescued. I enacted a larger and more front-loaded fiscal stimulus than even President Roosevelt’s New Deal and oversaw the most comprehensive rewriting of the rules of the financial system since the 1930s, as well as reforming health care and introducing new rules cutting emissions from vehicles and power plants.

美国政治制度可能会令人失望。相信我,我知道。但它却是两个多世纪以来经济和社会进步的源泉。美国过去八年的进步也给世界注入了一些希望。尽管有诸多分歧和不和,但又一次经济大萧条得以遏制。金融系统稳定运行,没有花费纳税人一分钱;汽车制造业复苏。相较于罗斯福总统的新政,本届政府颁行了一个更大范围、更为及时的财政刺激政策,监督上世纪30年代以来最大范围的一次金融系统规则的修订,进行医改,推行新的削减汽车和发电厂减排的规则。

The results are clear: a more durable, growing economy; 15m new private-sector jobs since early 2010; rising wages, falling poverty, and the beginnings of a reversal in inequality; 20m more Americans with health insurance, while health-care costs grow at the slowest rate in 50 years; annual deficits cut by nearly three-quarters; and declining carbon emissions.

效果也很明显:经济增长更趋稳定;自2010年以来,私人企业创造了一千五百万个工作岗位;工资上涨,贫困率下降,社会不平等局面开始扭转;覆盖超过两千万国民的医疗保险,医疗费用增长率创50年最低;每年削减近3/4的财政赤字,碳排放量不断下降。

For all the work that remains, a new foundation is laid. A new future is ours to write. It must be one of economic growth that’s not only sustainable but shared. To achieve it America must stay committed to working with all nations to build stronger and more prosperous economies for all our citizens for generations to come.

余下的所有工作,需要奠定一个新的基础。我们的未来需要自己去书写。未来的经济一定要走可持续的、共享的增长模式。要实现这一目标,美国必须致力于与全球国家合作,为我们国民的子孙后代建立更强大、更繁荣的经济。

10. Durable adj.持久的,稳定的;耐用的,结实的

11. Reversal |A reversal of a process, policy, or trend is a complete change in it. 彻底改变; 逆转

12. Lay vt.奠基,打基础

to lay the foundation of something奠定某物的基础

【同题泛读】

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