And in which way has austerity succeeded?
Look up the depression of 1920. It was the last time in the history of the US when an economy was allowed to reset on its own. And it did so spectacularly. Before the gov't decided it was its job to "fix the economy" (and royally screwed it). Strangely enough, Harding and Coolidge are now as well known as James K. Polk, while FDR is a demi-god.
You expect the effects of decades of careless spending to be cured with very timid cuts in a couple of years? And in the US - When is the austerity going to begin, because I am yet to see any signs of it. Slowing the rate of growth in spending is not austerity.
Edited by Mikel2, 07 May 2012 - 1442 PM.