Austerity – sternness or severity of manner or attitude
Ending austerity – Treating perfectly capable adults like little children by stealing from those adults who don’t want to be treated like children.
In economics, austerity is the policy of reducing government budget deficits.
Austerity policies may include spending cuts, tax increases, or a mixture of both. [Only in Keynesian does the tax increase make sense ]
Austerity may be undertaken to demonstrate the government’s fiscal discipline to their creditors and credit rating agencies by bringing revenues closer to expenditures. [Or just realize that the debt is both illegal and imaginary, and dismiss it.]
These cuts generally affect the middle to low income families very harshly while the most wealthy are generally not affected at all. [Only if they are sponging off of the government.]
In most macroeconomic models, austerity policies generally increase unemployment in the short run. [Because government sponges, like military contractors and banks, have to find other sources of money.]
This increases safety net spending and reduces tax revenues, partially offsetting the austerity measures. [Unless the measures are just cutting off the cronies, then this is completely valid.]
Government spending contributes to gross domestic product, so reducing spending may result in a higher debt-to-GDP ratio, a key measure of the debt burden carried by a country and its citizens. [Only add when using Keynesian economic models.]
Higher short-term deficit spending contributes to GDP growth particularly when consumers and businesses are unwilling or unable to spend. [Only when using Keynesian economic models, otherwise debt is dept, which is a negative value to the economic overall health.]
This is because crowding out is less of a factor in a downturn, as there may be a surplus of savings. [Again this is only bad in Keynesian economics. If you look at Austrian Economics savings is an awesome thing.]