But cautious incrementalism, ironically, risks letting the world slip ever further down the deflationary spiral.

但是，讽刺的是，小心谨慎的渐进主义冒着让世界更进一步地滑入紧缩的恶性循环的风险。

youdao

The banking system was not functioning correctly and we had to either fiscally stimulate the economy or watch the economy tumble further and further down in a self-sustaining downward spiral, that would horribly damage hundreds of millions of people.

FORBES: Nobel Laureate Paul Krugman is Correct, Cato Institute's Mitchell is Wrong