That recession (or the shortage of global aggregate demand) is the elephant in the room.
衰退（或者说全球总体需求短缺）是明摆着的的现实（英谚：房中的大象，the elephantin theroom，译者注）。
In the aggregate, little or no economic value is created.
总体来说，极少或没有创造任何价值。
In the aggregate, little or no economic value is created.
总体来说，极少或没有创造任何价值。
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