无解的美国债务

智堡Wisburg 2023-03-04

你没法既要减税，又要高福利，还要政府削减债务甚至追求盈余，那显然是不可能的。自疫情以来，货币当局支持的财政赤字货币化成为了一种主流。而伴随着的疫情压力的消褪与高通胀问题的浮现，各大主要经济体又出现了对这类政策进行“清算”的呼声。在国内，经济学家在争论债务鸦片论；在日本，全球投资者因日央行的换届而开始担心收益率曲线控制的退出将冲击日本债市；在美国，债务上限成为了焦点；在欧元区，有国家的债务与预算已经...

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Comments

JackJiang
2023-03-06
JackJiang
瞭解
淋淼淼
2023-03-05
淋淼淼
Ok
Teong
2023-03-05
Teong
[笑哭] [笑哭] [笑哭]
KK风筝
2023-03-05
KK风筝
閱讀打卡
我是梦幻金钱战士
2023-03-04
我是梦幻金钱战士
👌
我是梦幻金钱战士
2023-03-04
我是梦幻金钱战士
👌

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debt","themeId":"","isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/2903325164d1777fc47264f102bf21de","symbols_score_info":{},"content_text":"你没法既要减税，又要高福利，还要政府削减债务甚至追求盈余，那显然是不可能的。自疫情以来，货币当局支持的财政赤字货币化成为了一种主流。而伴随着的疫情压力的消褪与高通胀问题的浮现，各大主要经济体又出现了对这类政策进行“清算”的呼声。在国内，经济学家在争论债务鸦片论；在日本，全球投资者因日央行的换届而开始担心收益率曲线控制的退出将冲击日本债市；在美国，债务上限成为了焦点；在欧元区，有国家的债务与预算已经偏离马斯特里赫特条约所限制的水平。研究者对政府债务问题的“认识”通常总是局限于一些狭义的比值指标，比如赤字/GDP比率，债务/GDP比率就是比较流行的衡量政府债务情况的指标。一国政府指标的恶化通常伴随着该国行政部门倒向“财政重整”，遗憾的是，财政重整很难一帆风顺。市面上总是充斥着许多无意义的有关政府债务的“渲染”，今天这篇文章我就想从美国的债务问题谈起，简单描绘出一位货币研究者看待政府债务的框架。美国的债务负担要理解一国的债务情况，首先我们需要明确一点。主权政府想要搞到钱，只可能通过两种方式。第一是通过税收，货币资源经由税收通过本国居民和商业实体转移至财政部。第二是通过债券发行，即通过支付利息来借入货币。政府搞钱的目的是为了用于政府支出，而支出大于收入就会出现赤字，反之则会出现盈余。出现了财政赤字，政府就需要通过债券融资来弥补资金缺口。我们先来看美国的财政支出、财政收入以及当前的一些关键债务指标。关键信息：二十一世纪以来，美国处于持续的赤字状态（入不敷出），近六年赤字状况进一步恶化。 经年累月的赤字使得美国的债务/GDP比率持续恶化我们转向收支结构分析，寻找美国持续赤字的根源。耶伦的努力去年，美国的财政赤字规模相较于2020年、2021年削减了一半，财政部长耶伦从收支两端入手做了很多努力：在收入端，比较有代表性的政策，是耶伦在战略层面试图通过设定全球最低税来逆转企业避税带来的税基损失，战术层面则有通过增强税收征缴力度来打击各类逃避税活动。2022财年政府收入上升了21%（历史第二高增速），其中个人所得税相比上年增长28.8%。全年财政收入从4万亿美元的水平上升到了接近5万亿美元。在支出侧，疫情相关的开支正逐步消褪，可退抵税额、失业补助、小企业补助以及疫情纾解相关的开支大幅下降，从1.7万亿美元/年下降至4000亿美元/年。可即便收入与支出端皆迎来实质改善，全年1.3万亿美元的赤字规模依然高于疫情前的不足1万亿美元。无解的债务在财政部的支出中，负担最大的部分是社保/医保这类“法定支出”。请注意，美国财政部是其行政部门的财务代理，行政部门一旦通过了一些长期限的支出，那么财政部就必须支付款项，这是“法定义务”。财政情况与债务状况恶化的一个根本原因是——行政部门自然倾向于向其国民提供各种各样的福利与货币利益，比如社保和医保这类“公共利益”。而行政部门又很难大幅开征税收，因为企业和居民的身份都是可以迁移的，且大幅增税的提案总是不受选民的欢迎。这也是为什么美国的“债务上限”从来就不具备约束力的原因，因为债务只是一个“表”，无止境的债务发行背后实质是无止尽的“支出法案”这一“里”，限制不住财政支出的里子，债务上限只能被不停地上调来满足行政部门的支出欲望。新的范式？近一年来，由于美联储的货币政策紧缩非常凌厉，市场中出现了一些声音，认为货币流动性的盛宴就此终结了，高通胀时代来临会迫使央行长期保持紧缩。但笔者认为，除非美国政府的财政支出/融资模式被改变，央行政策事实上很难独立转向，因为财政的资金需求总是会逼迫央行提供宽裕的流动性。换言之，美国赤字状况的改善决定了货币政策可以在多长的时间周期内保持紧缩，如果美国政府转向盈余，那么赤字融资的流动性需求自然会下降。反之，则必然会重新走回2019年时的老路，即财政的资金需求迫使联储终结紧缩，开启“准备金管理目标的资产购买”（实质就是QE）。新财年的前四个月，美国政府又积累了近5000亿的赤字，国防与债务利息的开支又在增长，这意味着除非美国政府可以大幅提高税收的同时下手削减本国的福利开支，不然我们就不能过早地预测货币-财政模式的“范式转换”。与此同时，财政赤字的支持与货币宽松的支持同时消褪，意味着美国经济增长的流动性引擎只能倚仗银行体系的信贷流动性。而一旦信贷宽松开始消退，那么行政当局很有可能将面对经济衰退的麻烦。选择出清就意味着承担政权风险。小结当我们在谈论债务与负债的时候，要谨记Liability还有“义务”与“责任”的含义，支持政府债务的削减，实际上就必须卸下政府的一些“义务”和“责任”。如果你在支持减税和提供高额政府福利的同时还试图敦促政府削减债务甚至追求盈余，那显然是矛盾的。但反过来，政府同样不希望卸下自己的“责任”和“义务”来追求整体性的债务去杠杆，因为政府债务的“清偿”以及货币的“收缩”实质也就对应着政府权力的收缩。你都不是债务人了，那何来的债权人？","kind":null,"is_publish_news":false,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":9940529703,"gmtCreate":1678059591702,"gmtModify":1678059595004,"author":{"id":"3586771609683476","authorId":"3586771609683476","name":"JackJiang","avatar":"https://static.tigerbbs.com/21d7e0d2a9c7ff66594d11d8cc825e95","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3586771609683476","authorIdStr":"3586771609683476"},"htmlText":"瞭解","listText":"瞭解","text":"瞭解","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940529703","repostId":1179332953,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":9940276243,"gmtCreate":1677986703982,"gmtModify":1677986706827,"author":{"id":"3560232049258248","authorId":"3560232049258248","name":"淋淼淼","avatar":"https://community-static.tradeup.com/news/9a362c5f48704c94736ac2049248cb09","vip":1,"hat":"https://static.tigerbbs.com/0a8758340a08196056f8bc1e54805193","crmLevel":5,"crmLevelSwitch":0,"idStr":"3560232049258248","authorIdStr":"3560232049258248"},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940276243","repostId":1179332953,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9940264580,"gmtCreate":1677975537440,"gmtModify":1677975541922,"author":{"id":"3578107586884499","authorId":"3578107586884499","name":"Teong","avatar":"https://static.tigerbbs.com/8efb603df00b2300b15ae0b6e06c7632","vip":1,"crmLevel":5,"crmLevelSwitch":1,"idStr":"3578107586884499","authorIdStr":"3578107586884499"},"htmlText":"[笑哭]&nbsp;[笑哭]&nbsp;[笑哭]&nbsp;","listText":"[笑哭]&nbsp;[笑哭]&nbsp;[笑哭]&nbsp;","text":"[笑哭] 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