First, the U.S. has entered a severe recession that is already leading to deflationary forces in sectors where supply vastly exceeds demand (housing, consumer durables, motor vehicles, etc.).

首先，美国已经进入严重衰退，一些供应远远超过需求的部门(住房、耐用消费品、机动车辆等等)正在发生通缩。

youdao

A clampdown on deficits would intensify the deflationary forces in the economy and would lead to a new and more intense recession.

压缩赤字将加剧经济中的通缩势头，导致一场新的、更为严重的衰退。

youdao

Finally, while in the short run a global recession will be associated with deflationary forces, some ask whether we should worry about rising inflation in the middle run?

最后，尽管短期内一场全球性衰退将与通缩相伴，但一些人会问，中期我们是否应对通胀抬头担忧？

youdao

That was the time when Enron and WorldCom were collapsing and investors were worried about a deflationary recession.

ECONOMIST: The money markets smell a wounded bank

It is true that the deflationary recession was caused by banks that had previously loaned themselves and the economy into insolvency.

FORBES: Deflation Isn't The Enemy

Bernanke believes a deflationary recession must be avoided at all costs and that prosperity can be found in a printing press.

FORBES: Europe's Solution Isn't More Inflation