Although rising moderately this year, US fixed capital investment has fallen far short of the level that history suggests should have occurred given the recent dramatic surge in corporate profitability. Combined with a collapse of long-term illiquid investments by households, they have frustrated economic recovery. These shortfalls, the result of widespread private-sector anxiety over America’s future, have defused much, if not most, of the impact of the administration’s fiscal stimulus. Moreover, the activism embodied in such programmes has itself stoked the degree of anxiety.
今年以來，美國固定資本投資溫和增長，但遠未達到應有的水平。鑒于近期企業盈利能力大幅上升，按照歷史經驗，固定資本投資本應達到更高的水平。再加上家庭的非流動性長期投資銳減，這兩個因素阻礙了經濟復蘇。這兩方面的不足，是私人部門普遍對美國經濟前景感到不安的結果，它們抵消了奧巴馬政府財政刺激的部分（甚至是大部分）效果。而且，此類刺激計劃本身具有的激進色彩也助長了焦慮情緒。