It does NOT crowd out private spending, at least not until the excess supply of savings has been sopped up, which is the same thing as saying not until the economy has escaped from the liquidity trap.

• 这并没有挤出私人消费，至少在过剩储蓄的供给没有被用光之前，也就是说，在经济走出流动性陷阱之前政府借款不会挤出私人消费。