如果家庭急剧削减开支并储蓄更多，衰退将成为一场准萧条，而且随之而来的收入下降会进一步增加负债比。

If households sharply cut spending and save more, the recession becomes a near-depression and the ensuing fall in income further increases the debt-to-income ratio.

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我们并不总是一个债务大国和低储蓄国家：70年代的美国人将他们10%的收入储存起来，比60年代的美国人略多一些。

We weren’t always a nation of big debts and low savings: in the 1970s Americans saved almost 10 percent of their income, slightly more than in the 1960s.

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从本质上讲，预防性储蓄理论说的是，更多的不确定性会降低平均消费倾向(APC)，即比消费与收入的比率。

Essentially, what the precautionary-saving literature says is that more uncertainty reduces the average propensity to consume (APC), the ratio of consumption to income.

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