Dette gælder især De forenede Stater, hvor forudsætningerne for et spontant opsving i den økonomiske aktivitet måske synes lidt gunstigere end i Europa, men hvor et sådant opsving samtidig vil øge problemerne i forbindelse med det store underskud på forbundsbudgettet (også selv om opsvingets virkninger for det offentliges indtægter tages i betragtning), hvilket gør det særdeles vanskeligt at føre en ikkeinflationsskabende pengepolitik under en fornyet økonomisk ekspansion.
This applies in particular to the United States, where the conditions for a spontaneous recovery of economic activity seem perhaps slightly more probable than in Europe, but where this recovery would increase the problems associated with the large deficit of the Federal budget (even allowing for its effects on public revenue), which make it very difficult to implement a non-inflationary monetary policy in the context of renewed economic expansion.