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Families vastly overborrowed in recent years , and now they are retrenching .

近年来，很多家庭都超额借贷，而现在他们都在紧缩开支了。

Even goldman sachs , wall street 's most profitable firm , is retrenching .

甚至高盛投资银行，华尔街最能盈利的公司，也在紧缩开支。

Companies are retrenching not expanding , and workers fear for their jobs .

企业在缩减开支，而非进行扩张，工人们担心自己的饭碗。

Bnp paribas 's recent history is not about being brilliantly contrarian-expanding in downturns and retrenching in booms .

巴黎银行最近的历史并不是关于其出色的逆向投资----即在萧条时扩张而在繁荣中紧缩。

These figures might sound pretty modest , but with the government busy retrenching and consumers still digging themselves out of debt , they hinge on an upturn in exports and business investment that seems unlikely to materialize .

尽管这些数字看上去并不浮夸，但一边是政府忙着紧缩开支，另一边是消费者们忙着还债，想靠出口和商业投资来推动经济增长似乎难以实现。