Only politically toxic cuts or rationing of medical care, a marked rise in the eligible age for health and retirement benefits, or significant inflation, can close the deficit. I rule out large tax increases that would sap economic growth (and the tax base) and accordingly achieve little added revenues.
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For four years in a row, economic growth has reached or slightly exceeded 10% without significant inflation.
经济增长连续四年达到或略高于10%，没有出现明显通货膨胀。
The most significant question for the Fed, then, is whether overall or core inflation right now is a more reliable gauge of where headline inflation will be next year.
答案是否定的。 不管是对核心通货膨胀还是全面通货膨胀，美联储对今天的通货膨胀的抑制能力是微不足道的。 美联储的影响在一两年或一段时间后的才能见效。
Inflation should remain subdued for some time, with low risks of either a significant increase or decrease from current levels.
通货膨胀率将在低位保持一段时间，从现在位置显着上升或下降的可能都不大。
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