每日一篇:《经济学人》读译参考 Day83

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经济学人:美国经济:刺激的涟漪效应(2)

Investment has also followed a surge in profits, reflecting stronger GDP growth, as it tends to.As workers become scarcer in America's tightening labour market, firms have a greater incentive to automate.

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投资也随之出现了一波利润的上涨，反映了GDP增长往往会有的那种越来越强劲。随着工人在美国日渐收紧的劳动力市场中变得愈发稀缺，公司有了一种更大的动力进行自动化。

A second boon of a maturing cycle is higher productivity, which has risen at a snail's pace in all countries since the global financial crisis.More capital spending by businesses will help.And in America, in particular, firms are under pressure to reorganise their businesses to meet expanding demand, because low unemployment makes it harder to find additional workers.

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到期周期的第二个好处是越来越高的生产力，而生产力自金融危机以来在所有国家一直都是以蜗牛的速度在增长。来自商业的更多的资本开支将会推波助澜。同时，尤其是在美国，由于低失业使得找到额外的工人愈发困难，各家公司都处于重组业务以满足扩张需求的压力之下。

America is not about to return to pre-2005 rates of productivity growth, whatever Mr Trump tweets.But there are tentative signs that the rate is starting to pick up from its dismal, post-crisis slump.All expansions eventually come to an end.Even if America does not inflict a recession on itself—through ill-judged trade policies, say—a global shock could do the job.

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无论特朗普“推”什么，美国都不会重回2005年之前的生产力增长率。但是，种种暂时的迹象表明，这一比率正在开始从其惨不忍睹的后危机暴跌中拐头向上。所有的扩张终有结束。即便美国不是自己给自己造成衰退——比如说，因为欠考虑的贸易政策——某种全球冲击也可能做到这一点。

When that time comes, America's policymakers will end up regretting how government revenues were squandered on a badly designed tax cut.The deficits that result will make it politically harder for Congress to agree on a fiscal stimulus to combat the next downturn.Interest rates will in all likelihood peak at much lower levels than in the past, limiting the scope for big cuts to fight a recession.

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届时，美国的决策者会为政府收入怎么会浪费在一次设计拙劣的减税上而懊悔。由此所导致的赤字会让国会更难于在政治上达成一项财政刺激以抵御下次衰退。利率十有八九会处于一种比过去低很多的水平，限制了大幅减息以应对衰退的余地。

In this, the worrywarts are entirely correct.But the immediate outlook is sunny.The global upswing is still young, and has momentum.Mr Trump's policies have lifted the spirits of business leaders, who already had reason to be confident.Galling though it must be to the president's critics, America's economy is well placed for 2018.

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就此而言，居安思危完全正确。但是，眼下的前景是光明的。全球性的增长仍然朝气蓬勃，势头强劲。特朗普的政策提升了商界领袖的斗志，他们早就应该信心十足。对特朗普的批评者而言，这必然是一种难堪。但是，对于2018年来说，美国经济是处境良好的。

注释

1.in the past 过去

例句:My children have wounded me in the past.

我的孩子们过去曾伤害过我。

2.end up 结束

例句:If you don't know what you want, you might end up getting something you don't want.

如果你不知道自己想要什么，到头来你可能得非所愿。

3.come to an end 结束

例句:It has not come to an end even after three years.

三年了，事情还没落局。

4.in particular 尤其

例句:The situation in Ethiopia in particular is worrying.

埃塞俄比亚的局势尤其令人担忧。

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