If this is accepted, the above reasoning shows how 'wasteful' loan expenditure may nevertheless enrich the community on balance.

如果这一点被接受， 上述推理表明“浪费” 的贷款支出如何总体上可以使社区富裕。

But so long as it lasted, namely, about two years, it constituted a substantial offset to the loan expenditure which was being incurred in other directions.

但只要它持续， 即大约两年， 它就构成了对其他方向发生的贷款支出的实质性抵消。

We have seen, I think, a signal example of this in the earlier phases of America's 'New Deal'. When President Roosevelt's substantial loan expenditure began, stocks of all kinds-and particularly of agricultural products-still stood at a very high level.

我认为，我们已经在美国“新政”的早期阶段看到了这方面的一个典型例子。当罗斯福总统开始大量贷款支出时，各种库存——尤其是农产品——仍然处于非常高的水平。