CATTI+MTI高斋翻译TransElegantAre We There Yet?
我们到了吗？
In an ideal world America would commit itself now to the medium-term tax reforms and spending cuts needed to get a grip on the budget, while leaving room to keep fiscal policy loose for the moment. But in febrile, partisan Washington that is a pipe-dream. Today’s goals can only be more modest: to nurture the weak economy, minimize uncertainty and prepare the ground for tomorrow’s fiscal debate. To that end, Congress ought to extend all the Bush tax cuts until 2013. Then they should all expire—prompting a serious fiscal overhaul, at a time when the economy is stronger.
一种理想的情况是，美国应着手中期税收改革，削减政府开支以控制预算，并为继续保持一段时期的宽松政策留出空间。但在党派纷争激烈的华盛顿，这种理想简直是白日做梦。时至今日，政府只能调低目标，呵护脆弱的经济，尽量消除不确定性，并为日后两党就财政问题展开辩论做好准备。为此，国会应将布什政府所有的减税政策延期至2013年，那时这些减税政策将全部到期，届时经济局面已经好转，自然会引起对经济发动机的一场认真的财政大改革。
A broader set of policies could help to work off the hangover faster. One priority is to encourage more write-downs of mortgage debt. Almost a quarter of all Americans with mortgages owe more than their houses are worth. Until that changes the vicious cycle of rising foreclosures and falling prices will continue. There are plenty of ideas on offer, from changing the bankruptcy law so that judges can restructure mortgage debt to empowering special trustees to write down loans. They all have drawbacks, but a fetid pool of underwater mortgages will, much like Japan’s loans to zombie firms, corrode the financial system and harm the recovery.
一系列更为广泛的政策也许有助于更快地驱散这次衰退的阴霾。首先，应鼓励对住房抵押债务更多地进行资产减记。在持有抵押贷款的美国人中，所负债务比自己房子的市价还要高的约占四分之一。倘若这一局面不加以改变，那么越来越多的人将会丧事房屋抵押赎回权，而房价却越跌越低，从而形成恶性循环。目前还有许多设想可供参考，比如修改破产法，由法官来重组抵押债务，或者授权专门的托管机构对贷款进行资产减记。这些设想各有缺点，但总不能听任一大堆污水一般的抵押债务，像日本曾经对“僵尸“企业的贷款那样继续侵蚀金融系统，危害经济复苏。
我们到了吗？
In an ideal world America would commit itself now to the medium-term tax reforms and spending cuts needed to get a grip on the budget, while leaving room to keep fiscal policy loose for the moment. But in febrile, partisan Washington that is a pipe-dream. Today’s goals can only be more modest: to nurture the weak economy, minimize uncertainty and prepare the ground for tomorrow’s fiscal debate. To that end, Congress ought to extend all the Bush tax cuts until 2013. Then they should all expire—prompting a serious fiscal overhaul, at a time when the economy is stronger.
一种理想的情况是，美国应着手中期税收改革，削减政府开支以控制预算，并为继续保持一段时期的宽松政策留出空间。但在党派纷争激烈的华盛顿，这种理想简直是白日做梦。时至今日，政府只能调低目标，呵护脆弱的经济，尽量消除不确定性，并为日后两党就财政问题展开辩论做好准备。为此，国会应将布什政府所有的减税政策延期至2013年，那时这些减税政策将全部到期，届时经济局面已经好转，自然会引起对经济发动机的一场认真的财政大改革。
A broader set of policies could help to work off the hangover faster. One priority is to encourage more write-downs of mortgage debt. Almost a quarter of all Americans with mortgages owe more than their houses are worth. Until that changes the vicious cycle of rising foreclosures and falling prices will continue. There are plenty of ideas on offer, from changing the bankruptcy law so that judges can restructure mortgage debt to empowering special trustees to write down loans. They all have drawbacks, but a fetid pool of underwater mortgages will, much like Japan’s loans to zombie firms, corrode the financial system and harm the recovery.
一系列更为广泛的政策也许有助于更快地驱散这次衰退的阴霾。首先，应鼓励对住房抵押债务更多地进行资产减记。在持有抵押贷款的美国人中，所负债务比自己房子的市价还要高的约占四分之一。倘若这一局面不加以改变，那么越来越多的人将会丧事房屋抵押赎回权，而房价却越跌越低，从而形成恶性循环。目前还有许多设想可供参考，比如修改破产法，由法官来重组抵押债务，或者授权专门的托管机构对贷款进行资产减记。这些设想各有缺点，但总不能听任一大堆污水一般的抵押债务，像日本曾经对“僵尸“企业的贷款那样继续侵蚀金融系统，危害经济复苏。
