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Another dampener may be the nature of the economic recovery.
另一个阻碍因素可能是经济复苏的性质。
In a paper last year Martin Beraja and Christian Wolf of the Massachusetts Institute of Technology showed that recoveries from recessions where falls in spending are concentrated on goods tend to be stronger than those with cuts concentrated on services.
麻省理工学院的马丁·贝拉贾（Martin Beraja）和克里斯蒂安·沃尔夫（Christian Wolf）在去年的一篇论文中指出，低迷的商品消费恢复势头比削减后的服务业恢复势头要强劲。
Pent-up demand for, say, smartphones can be released in a flood.
比如，被压抑的智能手机需求可能会像洪水一样被释放出来。
By contrast, demand for beach holidays returns more slowly: vacationers can only be in one place at a time.
相比之下，海滩度假的需求恢复得更慢：度假者在同一时间只能在一个地方度假。
This suggests that as the pandemic fades, the flow of savings into services such as travel and entertainment may be sluggish.
这表明，随着疫情消退，流向旅游和娱乐等服务业的储蓄可能会放缓。
A final concern is high inflation.
最后一个令人担忧的问题是高通胀。
That eats into both wealth and incomes.
这会侵蚀财富和收入。
Adjusted for rising prices, wage growth in America has turned sharply negative over the past half-year.
经物价上涨调整后，美国的工资增长在过去半年里急剧转为负值。
Similarly, the real value of savings looks a bit less impressive given the reduction in purchasing power.
同样，考虑到购买力的下降，储蓄的实际价值看起来不那么令人印象深刻。
The story does not end there, though.
然而，故事并没有到此为止。
Surveys by the Fed's New York branch indicate that stimulus recipients saved about one-third of the cash and used another third to pay down debts.
美联储纽约分行的调查显示，接受刺激计划的人将大约三分之一的现金存起来，另外三分之一用来偿还债务。
That helps explain why households' balance-sheets are healthier today than before the pandemic, regardless of their level of income.
这就解释了为什么不管收入水平如何，如今的家庭资产负债表都比疫情前更健康。
They thus have scope to borrow and spend more.
因此，他们有更多的借贷和支出空间。
This may already be happening.
这可能已经在发生了。
Consumer borrowing soared in November by $40bn, the most on record, as credit-card usage soared.
随着信用卡使用量的飙升，11月份消费者借款猛增400亿美元，创历史新高。
另一个阻碍因素可能是经济复苏的性质。
In a paper last year Martin Beraja and Christian Wolf of the Massachusetts Institute of Technology showed that recoveries from recessions where falls in spending are concentrated on goods tend to be stronger than those with cuts concentrated on services.
麻省理工学院的马丁·贝拉贾（Martin Beraja）和克里斯蒂安·沃尔夫（Christian Wolf）在去年的一篇论文中指出，低迷的商品消费恢复势头比削减后的服务业恢复势头要强劲。
Pent-up demand for, say, smartphones can be released in a flood.
比如，被压抑的智能手机需求可能会像洪水一样被释放出来。
By contrast, demand for beach holidays returns more slowly: vacationers can only be in one place at a time.
相比之下，海滩度假的需求恢复得更慢：度假者在同一时间只能在一个地方度假。
This suggests that as the pandemic fades, the flow of savings into services such as travel and entertainment may be sluggish.
这表明，随着疫情消退，流向旅游和娱乐等服务业的储蓄可能会放缓。
A final concern is high inflation.
最后一个令人担忧的问题是高通胀。
That eats into both wealth and incomes.
这会侵蚀财富和收入。
Adjusted for rising prices, wage growth in America has turned sharply negative over the past half-year.
经物价上涨调整后，美国的工资增长在过去半年里急剧转为负值。
Similarly, the real value of savings looks a bit less impressive given the reduction in purchasing power.
同样，考虑到购买力的下降，储蓄的实际价值看起来不那么令人印象深刻。
The story does not end there, though.
然而，故事并没有到此为止。
Surveys by the Fed's New York branch indicate that stimulus recipients saved about one-third of the cash and used another third to pay down debts.
美联储纽约分行的调查显示，接受刺激计划的人将大约三分之一的现金存起来，另外三分之一用来偿还债务。
That helps explain why households' balance-sheets are healthier today than before the pandemic, regardless of their level of income.
这就解释了为什么不管收入水平如何，如今的家庭资产负债表都比疫情前更健康。
They thus have scope to borrow and spend more.
因此，他们有更多的借贷和支出空间。
This may already be happening.
这可能已经在发生了。
Consumer borrowing soared in November by $40bn, the most on record, as credit-card usage soared.
随着信用卡使用量的飙升，11月份消费者借款猛增400亿美元，创历史新高。
