年度指标：回顾与展望

嘿。

Hey.

我是艾丽卡·巴里斯。

Erica Barris here.

2025年即将结束，我们无法粉饰现实。

We are almost at the end of 2025, and there is no way to sugarcoat it.

这一年对美国国家公共电台和地方电台来说都很艰难。

It has been a tough year for NPR and for local stations.

但在您的支持下，美国国家公共电台将继续报道新闻。

But with your support, NPR will keep reporting the news.

而在《星球金钱》节目中，我们将继续发挥所长，以最有趣、最易懂的方式解释经济。

And here at Planet Money, we'll keep doing what we do best, explaining the economy in the most entertaining and accessible ways we possibly can.

如果您已经是NPR Plus的支持者，非常感谢您。

If you're already an NPR Plus supporter, thank you so much.

如果不是，请立即加入公共广播支持者社区，访问 +.npr.org。

If not, please join the community of public radio supporters right now at +.npr.org.

注册即可解锁诸多福利，包括来自NPR旗下播客的额外剧集和更多内容。

Signing up unlocks a bunch of perks like bonus episodes and more from across NPR's podcast.

今天就访问 +.npr.org 吧。

Visit +.npr.org today.

谢谢。

Thanks.

这是来自NPR的Planet Money。

This is Planet Money from NPR.

你好，欢迎收听Planet Money。

Hello, and welcome to Planet Money.

我是韦隆·王，通常担任Planet Money每日短播客《指标》的联合主持人。

I'm Waylon Wong, normally cohost of Planet Money's short daily podcast, The Indicator.

今天在节目中，我来为大家带来这场《指标》与Planet Money的跨界特别节目。

Today on the show, I'm here to offer you this Indicator Planet Money crossover event.

我们已经表达了感谢。

We have given thanks.

我们装满并清空了圣诞袜。

We've stuffed and emptied stockings.

我们正在划掉日历上的最后几天，与亲人共度有意义的时光。

We are crossing off the last days of the calendar and spending meaningful time with loved ones.

对我们来说，这意味着像家人最擅长的那样，以最公开的方式进行激烈而伤感的争吵。

And for us, that means doing what families do best, engaging in brutal, soul breaking arguments in a fashion most public.

我们称之为‘年度指标’，这是Planet Money家庭之间用数据和故事一较高下的竞赛。

We call it indicators of the year, a planet money family competition to out nerd each other with stats and storytelling.

那么，我现在把时间交给我的同事们，他们为此激烈角逐。

And with that, I'm gonna turn it over for a bit to my colleagues who battled it out.

代表《指标》节目的是达里安·伍兹。

Representing the indicator was Darian Woods.

达里安，你来开始吧。

Darian, take it away.

没错。

That's right.

该进行另一场家庭争斗了。

It's time for another family feud.

今天，我将与我的Planet Money同事肯尼·马隆展开对决。

Today, I'm competing head to head with my Planet Money colleagues, Kenny Malone.

来吧，你这个懦夫。

Bring it, you egg.

这是在新西兰的说法吗？

Is that what they say in New Zealand?

差不多是这样吧？

Something like that?

没错。

That's right.

还有格雷格·格罗泽尔斯基。

And Greg Grozelski.

我们不能好好相处吗？

Can't we all just get along?

不。

No.

在接下来的九分钟内不行。

Not for the next nine minutes.

如果你还不了解情况，以下是规则。

And in case you aren't up to speed, here are the rules.

我们每个人都要陈述自己选出的年度指标。

Each of us has a spiel for our indicator of the year.

我们每人最多有六十秒来阐述观点，否则。

We will each have sixty seconds or less to make our case or else.

最后，亲爱的听众，你们将

And in the end, you, dear listener, will

投票选出2025年的年度指标。

vote on who had the indicator of twenty twenty five.

接下来节目中，我们将有

Coming up on the show, we have

肯尼·马隆合理地解释了为什么消费者情绪连续第三年显然是今年的指标。

Kenny Malone rightfully explaining why consumer sentiment for the third straight year is obviously the indicator of the year.

我是格雷格·格罗佐尔斯基。

And I'm Greg Grozolski.

我支持关税是2025年最重要事件的观点。

I'm championing the idea that tariffs were the story of 2025.

而我会，达里·伍兹，看到股市中令人恐惧的迹象。

And we'll have me, Darri Woods, seeing terrifying signs in the stock market.

此外，还有对2026年指标的预测。

Plus predictions for the indicator of 2026.

稍后播出，广告后继续。

That's coming up after the break.

好了。

Alright.

家庭问答。

Family Feud.

肯尼·马隆，你先来。

Kenny Malone, you are up first.

好的。

Alright.

我这儿有稿子。

Got my script here.

好吧。

Okay.

网络开始。

Cyber starts

现在。

now.

是经济，笨蛋。

It's the economy stupid.

这是解释人们为何如此投票的著名说法。

That's the famous formula for why people vote the way they do.

我在这里要说不。

I am here to say no.

这是人们对经济的感受。

It's what people feel about the economy.

等等。

Wait.

你知道吗？

You know what?

我不小心在读两年前的脚本，那时我也做过消费者情绪调查，而且那是当年的胜出指标。

I'm accidentally reading off of my script from two years ago when I also did consumer sentiment, and it won indicator of the year.

因为你们可能记得，那时我们都吓坏了，因为我们

Because you may remember back then, we're all freaking out because we

说清楚了，肯尼。

laid out, Kenny.

我们非常、非常害怕。

Were so, so scared.

好的。

Okay.

总之，这是正确的

Anyway, this is the right

这是同一个脚本吗？

Is this the same script?

就在这里。

Right here.

在疫情前，密歇根大学的消费者情绪指数徘徊在100左右，意味着人们对经济感觉还不错。

Now in prepandemic times, the University of Michigan's consumer sentiment index was hovering around a 100, meaning people felt okay about the economy.

但过去一年，它一直跌至70左右，不行。

But for the past year, it's been down around the 70 nope.

你知道吗？

You know what?

这是阿德里安·马去年的脚本，当时他也因消费者情绪获奖。

This is Adrian Ma's script from last year when he also won for consumer sentiment.

现在是五十几。

It's fifties.

今年一直徘徊在五十几。

It's been in the fifties this year.

历史低点。

Historic lows.

就在这里。

Here here it is.

这才是正确的脚本。

Here's the right script.

2025年，我们开始彻底陷入对经济的负面情绪中。

2025 was the year we began to full on drown in bad feelings about the economy.

我们对物价、通货膨胀、就业和住房的未来感到恶心透顶。

We're sick to our economic stomachs about the future of prices and inflation and jobs and housing.

消费者情绪是煤矿中的金丝雀，过去三年里，它的预警声越来越响。

Consumer sentiment is the canary in the coal mine, and it's been chirping louder and louder over the last three years.

或者我想，金丝雀在矿井里其实是叫得越来越少才对。

Or I guess chirping less and less is how canaries work in the coal mine.

总之，这是消费者情绪的数据，供你参考。

Anyway, consumer sentiment for your consideration.

你可能

You might

虽然你对所有那些嗡嗡声提出了一个不错的论点，但是，

have made a good argument behind all that buzzing, but,

你花了好一阵子才说到点子上。

it took you a while to get there.

是啊。

Yeah.

我知道。

I know.

当时有一阵大风

There was a big wind

起来。

up.

嗯，我一直在被同事打断，所以我想不如干脆直接讲完。

Well, I kept getting interrupted by my colleagues, so I figured I went I I figured I might just go through.

我觉得在看到那些陈词滥调的表演后，我的个人消费情绪变得冷淡了。

I feel like my individual consumer sentiment was tepid after after that display of played out material.

一些不错的假动作。

Some good head fakes.

连续第三年了。

Third year in a row.

我只是说，考虑一下消费者情绪吧。

I'm just saying, consider consumer sentiment.

我超爱这些假动作。

I love the head fakes.

现在我们来听格雷格的。

Now let's go to Greg.

什么指标能表明

What is the indicator of

今年？

the year?

所以我的年度经济故事围绕着英语中最美的一个词展开，至少根据总统唐纳德·特朗普的说法，那就是关税。

So my economic story of the year, it centers on the most beautiful word in the English language that is at least according to president Donald Trump, tariffs.

你们准备好了吗？

You guys ready?

等等。

Wait.

这是你论点的一部分吗？

Is this part of your argument?

这不公平。

This isn't fair.

你有额外的时间。

You got extra time.

不。

No.

不。

No.

这并不是额外的时间。

This is not extra time.

这是我最后的准备。

I'm this is the wind up.

这就像，你

This is like, you

知道，好吧。

know Okay.

这是把球放在球座上。

This is putting the ball on the tee.

我不叫好吧。

I don't call Alright.

现在几点了？我不清楚。

Is that the time, I don't know.

好吧。

Alright.

开始。

Go.

好的。

Okay.

今年的关税话题非常重大。

So the tariff story was huge this year.

还记得解放日吗？特朗普对全球各国，包括一个主要由企鹅居住的领土，实施了极高的关税？

Remember Liberation Day and Trump imposing, like, super high tariffs on countries around the world, including, like, a territory whose population was largely penguins?

你们还记得吗？

You guys remember that?

然后，股市一片恐慌，接着总统特朗普暂停了关税，随后开始了来回谈判、起伏波动和各种戏剧性场面。

Then, like, the stock market freaked out, and then, like, he president Trump paused tariffs, and there were, like, negotiations and the back and forth and the up and down and the drama.

好市多刚刚就此事对特朗普政府提起了一起诉讼。

Costco just filed a freaking lawsuit against the Trump administration over them.

这个经济故事还在持续发酵。

This is the economic story that keeps on giving.

这个故事具有历史意义。

And this story, it's historic.

我们谈论的是经济范式的根本转变。

We're talking like a paradigm shift for the economy.

2024年，美国消费者面临的平均实际关税率为2.5%。

In 2024, the average effective tariff rate that US consumers faced was 2.5%.

这个数字现在已升至16.8%。

That number is now 16.8%.

这是自1935年以来最高的关税水平。

That's the highest tariffs have been since 1935.

这个故事还远未结束。

And this story, it's not over.

关于这些关税将对经济产生什么影响，以及特朗普在未经国会批准的情况下征收关税是否合宪，仍然存在许多重大疑问。

There are still big questions over what these tariffs are going to do to the economy and whether Trump imposing tariffs without congressional approval was even constitutional.

最高法院预计很快将就这一问题作出裁决。

The supreme court is expected to rule in this issue soon.

这简直是个年末悬疑大结局。

Talk about a year end cliffhanger.

你说得对。

You're right.

这比《白莲花度假村》还精彩。

This was more drama than white Lotus.

这真是个完美的收尾。

That's a good kicker.

我现在一直在想Costco的这场诉讼，你觉得他们会把诉讼文件装进一个以前装超大瓶橄榄油的盒子，然后用这种方式寄出去吗？

Now one thing I have been thinking about the Costco lawsuit is do you think that they take the lawsuit and package it into, like, a box that was, like, previously used for oversized olive oil containers, and that's how they deliver it?

我不关心他们怎么送，只要热狗还是1.5美元就行。

I don't care how they deliver it as long as hot dogs are still a dollar 50.

好的。

Okay.

达里昂，我们今年指标的最后一位竞争者。

Darion, our final contender for indicator of the year.

达里昂在穿外套？

Darion's putting on a coat?

一件斗篷。

A cape.

什么？

What?

什么是斗篷？

What is A cape?

达里昂打扮成德古拉了？

Darion's dressed as Dracula?

这是什么？

What is this?

你是个伯爵吗？

Are you a count?

是的。

Yes.

我是德古拉伯爵。

I am count Dracula.

我披上了斗篷。

I've got my cape on.

它让我的肩膀暖和。

It's keeping my shoulders warm.

这和我的指标有关。

And this relates to my indicator.

好的。

Okay.

再次提醒，大家都有点提前了，所以我希望我的明信片能多一点慷慨。

Again, everyone's getting a little pre clock time, so I want a little generosity on my postcard.

我

I

我什么都没说。

haven't said anything.

好吧，我刚才没上发条，也没上任何发条。

Well, did just the wind up my did no wind ups.

谈一谈我的服装。

Talking about my outfit.

好吧。

Alright.

我们开始吧。

Here we go.

好吧。

Alright.

我们开始吧。

Here we go.

三、二、一。

In three, two, one.

我今年的指标是披风比率。

My indicator of the year is the cape ratio.

这是精神病态。

This is the psychopathy.

这是周期性调整后的市盈率。

This is the cyclically adjusted price to earnings ratio.

它衡量股价相对于实际盈利的昂贵程度。

It measures how expensive share prices are relative to how much money they actually earn.

披风比率越高，股票就越昂贵。

The higher the cape ratio, the more expensive stocks are.

这个指标比互联网泡沫破裂前还要高，是有史以来最高的。

And this indicator is the highest it's ever been apart from just before the .com crash.

这比任何恐怖故事都更令人恐惧。

And that is as frightening as any horror story.

因为当股票如此昂贵时，它们往往会在长期内表现不佳。

Because when stocks are this expensive, they tend to underperform over time.

而这个指标与2025年许多经济故事息息相关。

And this indicator touches so many economic stories of 2025.

人工智能热潮、对泡沫的担忧，以及数据中心建设对制造业等行业的投资造成的吸血效应。

The AI boom, the fears of a bubble, its data center construction sucking the blood out of investment in industries like manufacturing.

还有K型经济，富人往往持有大量股票，因此变得更富，而穷人则举步维艰。

Also, the k shaped economy where the rich, who tend to own a lot of stocks, are getting richer and the poor are struggling.

对于一个能捕捉到令人毛骨悚然之年的指标来说，CAPE比率无人能及。

For an indicator that captures a blood curdling year, the cape ratio has no peer.

我就是喜欢这一点，当你听到‘CAPE’时，你的脑海里立刻浮现出德古拉。

I just love that, like, your mind goes to Dracula when you go to cape.

为什么不是超人或蝙蝠侠呢？

Why not like Superman, Batman?

确实如此。

Like It's true.

市盈率正在从经济中抽走某种东西吗？

Is the cape draining the economy of something?

这是不是它的含义？

Is that is that the implication?

乐观者会看到超人，这些人工智能科技公司正在拯救世界。

The optimist would see Superman, these AI tech companies saving the world.

悲观者可能会看到德古拉吸干了其他部分的

The pessimist might see Dracula sucking the blood out of the rest of

血。

the world.

我会说，我明白市盈率如何体现富人越来越富，但你也提到了它显示低收入人群处境艰难。

I I will say I will say I do understand how cape ratio shows the rich getting richer, but you also you also mentioned that it shows low low income people doing poorly.

这是怎么运作的？

It how does that work?

这有点

This is a bit

我承认这有点牵强。

of a stretch, I admit.

但归根结底，普通民众才是那些必须购买商品以让公司获得收益的人。

But, ultimately, everyday people are the ones

谁必须购买东西，才能让公司获得收益。

who have to buy things so that companies can get earnings.

而目前，收益增长还不够快，无法让股价看起来便宜。

And at the moment, earnings are not growing fast enough to keep stocks looking cheap.

所以我们并没有大量购买ChatGPT订阅之类的。

So we're not, like, buying enough chat GBT subscriptions or something.

没错。

Exactly.

别让萨姆·奥尔特曼哭了。

Don't make Sam Altman cry.

我需要买多少个？

How many do I need to buy?

是的。

Yes.

你打算用多个订阅来支撑

You're gonna prop up the

AI经济。

AI economy with multiple, subscriptions.

达里昂，你披上那件斗篷，总得给我们一点德古拉吧。

Darion, I you can't put on that cape and not give us a little not give us a little Dracula.

你能给我们来点

Can you give us a

一点，嗯。

little Yeah.

做点什么？印象去哪儿了？

Do what where's the impression?

一个印象。

A impression.

你可以拍《吸血鬼生活》，就是那部新西兰吸血鬼电影。

You can do What We Do in the Shadows, the Kiwi the Kiwi Dracula movie.

是的。

Yeah.

不。

No.

那是一部很棒的电影。

That's that's a that's a great that's a great movie.

好吧。

Alright.

你一定会演得非常出色。

You're gonna nail this.

来吧。

Come on.

我衡量今年的标准是披风比例。

My indicator of the year is the cape ratio.

是的。

Yes.

是的。

Yes.

我正在为年度指标做我的陈述。

I'm making my pitch for the indicator of the year.

这相当不错。

It's pretty good.

披风比率。

The cape ratio.

你知道吗？

You know what?

你可能刚刚赢得了我的真心认可。

You may have just won my honestly.

这真是太棒了。

That's really fantastic.

好吧。

Alright.

所以听好了。

So listen.

这些都是你们的三个选择，听众们。

Those are your three options, listeners.

我们有消费者情绪。

We have consumer sentiment.

我们有关税，再重复一遍，达里安。

We have tariffs, and we have say it again, Darian.

达里安·弗雷秀。

The Cape Frey Show.

太棒了。

So good.

感谢达里安、肯尼和格雷格。

Thank you to Darian, Kenny, and Greg.

周五收听该指标，了解哪个指标将根据您的投票胜出。

Tune in to the indicator on Friday to find out which indicator takes the crown based on your votes.

广告后，我们将邀请史蒂文和库珀加入我，一起展望未来。

After the break, we'll bring on Steven and Cooper to join me as we gaze into the future.

我们会讨论三个可能塑造2026年的指标。

We talk about three indicators that could shape 2026.

欢迎回来。

Welcome back.

我是韦隆·王，今天我与史蒂文·佩沙哈一起主持。

I'm Waylon Wong, and I'm joined today by Steven Pesaha.

你好，韦隆。

Greetings, Waylon.

还有我们的制片人库珀·卡茨·麦金。

And our producer, Cooper Katz McKim.

嗨。

Hi.

你好。

Hello.

很高兴认识你。

Great to meet you.

你好。

Hello.

很高兴

Great to

认识你。

meet you.

第一天。

Day one.

常来这儿吗？

Come here often.

就像我们刚过完假期休息了一下，你就忘了我们是谁。

It's like we we had a little break for the holidays, and you just forgot who we were.

没错。

Exactly.

我是你的同事，韦隆。

I'm your colleague, Waylon.

哦，好吧。

Oh, okay.

我们来谈谈2026年吧。

And let's talk 2026.

我们每人选了一个今年要关注的指标，我先来。

We each picked an indicator to watch for this year and I will kick it off.

我将在2026年关注的指标是联邦基金利率，也就是美联储的基准利率。

The indicator I'll be watching in 2026 is the federal funds rate, aka the Federal Reserve's benchmark interest rate.

目前，利率在3.5%到3.75%之间。

So right now, the rate is between three and a half and 3.75%.

你可能还记得，美联储去年年底连续三次降息。

The Fed, you might remember, did three consecutive rate cuts at the end of last year.

这些决定并非一致通过。

And these are not unanimous decisions.

你可以看到美联储内部在利率问题上存在分歧。

You are seeing some divisions within the Fed about what to do on interest rates.

所以我的指标实际上关乎美联储今年将如何做出决策。

So my indicator is really about the future of the Fed and how it's going to make decisions this year.

是的。

Yeah.

2025年感觉是美联储非常重要的一年，而2026年可能会更重要。

2025 felt like this really big year for the Fed and feels like 2026 could be even bigger.

我的意思是，这将是杰罗姆·鲍威尔时代的终结。

I mean, it is the end of the Jerome Powell era.

没错。

It is.

2025年我们曾几次面临险情，当时我们以为特朗普总统可能会解雇杰罗姆·鲍威尔。

And we had some close calls in 2025 where we thought maybe president Trump was going to fire Jerome Powell.

但这件事最终没有发生，美联储的独立性仍然是一个非常重要的议题。

That didn't end up happening, but Fed independence is still a really big story.

所以鲍威尔的美联储主席任期将在五月结束。

So Powell's term as Fed chair ends in May.

总统一直明确表示，他希望降低利率。

The president has been very clear about how he wants lower interest rates.

然后他在圣诞节前在Truth Social上说，任何不同意我的人永远不会成为美联储主席。

And then he said on truth social just before Christmas, anybody that disagrees with me will never be the Fed chairman.

因此，我们很可能会任命一位特朗普的忠诚者担任主席。

So we will most likely get a Trump loyalist as chair.

总统希望在决定利率的委员会中拥有更多盟友。

The president wants more allies on the committee that votes on interest rates.

他去年已经试图解雇丽莎·库克。

He already tried to fire Lisa Cook last year.

是的。

Yeah.

最高法院今年年初将实际上审理丽莎·库克案的辩论。

And the Supreme Court will actually hear arguments in the Lisa Cook case early this year.

但你可以从最近几次利率决策中已经看到委员会内部的紧张态势。

But you can already see tensions in the committee from the last few interest rate decisions.

比如在12月，委员会中有两名成员投票反对降息，而另一名成员则希望大幅降息。

Like in December, two members of the committee voted for no cut, and then one wanted a bigger reduction in rates.

是的。

Yeah.

而且目前的经济数据似乎真的很难解读。

And it seems like the economic data is just really hard to parse right now.

我的意思是，失业率在上升，但GDP增长看起来依然健康。

I mean, you got unemployment ticking up, but GDP growth is also looking healthy.

通胀可能正在放缓，但仍然高于美联储2%的目标。

Inflation is maybe slowing down, but it is still above the Fed's 2% target.

但年底的经济数据也因政府停摆而受到干扰。

But also the economic data from the end of the year got disrupted from the government shutdown.

是的。

Yeah.

因此，即使没有总统施加的额外压力，美联储的工作也会非常棘手。

And so the Fed would have a pretty tricky job even without this added pressure from the president.

这就是为什么我认为利率和美联储将是2026年值得关注的经济议题。

And that is why I think interest rates and the Fed will be the economic story to watch in 2026.

好的。

Okay.

史蒂文，该你了。

Steven, you are up.

是的。

Yes.

我的指标完全围绕可负担性，但它与我们长期以来一直强调的那些指标不同。

My indicator is all about affordability, but it is a different indicator than the ones we've been like harping on about forever.

好的。

Okay.

我们在谈杂货吗？

We talking groceries?

是的。

Yes.

杂货价格仍然上涨，但你知道，食品通胀目前低于3%。

So grocery prices, they are still up, but you know, food inflation, it is under 3% right now.

还有住房，但我们最近确实看到租金下降了。

There's also housing, but we have actually seen rental prices drop recently.

现在，我关注2026年可负担性指标的是电价。

Now my affordability indicator to watch in 2026 are electricity rates.

哦，我觉得我去年的账单已经涨了。

Oh, I think my bill's already been up this last year.

几乎肯定。

Almost certainly.

是的。

Yeah.

我的意思是，长期以来，美国的电价一直相当稳定，大约有二十年了。

I mean, for a long time, electric rates in The US have been pretty stable for, like, twenty ish years.

但最近，正如你所说，美国的电费上涨速度远超整体通胀。

But recently, like you said, the cost of electricity in The US has been climbing way faster than overall inflation.

电价上涨了大约7%。

Electric prices have jumped about 7%.

哎哟。

Oi.

好吧。

Okay.

所以7%对比一般通胀的不到3%。

So 7% compared with, you know, just under 3% for general inflation.

这跟人工智能和数据中心有关。

So this has something to do with AI and data centers.

是的。

Yeah.

一切都与数据中心和人工智能有关

Everything has to do with data centers and AI in

2025年和2026年。

2025 and 2026.

我就知道。

I knew it.

好吧。

Alright.

事实上，我们最近做了一期《星球金钱》节目，专门探讨人工智能数据中心如何影响你的电费。

In fact, we recently did a Planet Money all about how AI data centers are affecting your electric bill.

你可以在我们的节目笔记中查看这一期。

So you can check that out in our show notes.

你现在需要知道的是，支撑人工智能的数据中心需要大量的电力。

What you need to know now though is that the data centers that power AI need a lot of, you know, power.

而这种额外的需求正导致电价上涨。

And that extra demand is leading to higher electric rates.

是的。

Yeah.

而且人工智能竞赛在可预见的未来并不会放缓。

And it's not like the AI race is slowing down anytime soon.

所以我认为，这种需求和电价还会继续上涨。

So we should expect that demand and those rates to to keep going up, I imagine.

没错。

Right.

而且我们已经看到电价在上涨。

And again, we are already seeing rates go up.

如果你用电来为家供暖，今年冬天你的电费可能会上涨约12%。

If you use electricity to heat your home, you can expect that cost to jump by about 12% this winter.

这是根据国家能源援助主任协会的数据。

That is according to the National Energy Assistance Directors Association.

12%。

12%.

所以这比你之前提到的7%还要高。

So that's even more than the 7% you cited earlier.

是的。

Yeah.

这并不好看。

It is not pretty.

但这不可能仅仅与人工智能有关。

But this can't be just about AI.

对吧？

Right?

我的意思是，我还能想到其他一些因素，比如老化的电网、需要更换的基础设施。

I mean, I can think of maybe some other factors like an aging power grid, infrastructure that needs replacing.

像加利福尼亚这样的州一直面临野火等自然灾害，这意味着需要花更多钱来修复线路。

States like California have been dealing with natural disasters like wildfires, and that's meant spending more money on repairing lines.

是的。

Yes.