My takeaway from this is that austerity is not a government level solution. That works for smaller players (even corporations) within a larger system, but at t

My takeaway from this is that austerity is not a government level solution. That works for smaller players (even corporations) within a larger system, but at the level of system where a whole economy's possible size of pie is defined by laws and regulations cutting back only wastes the potential of the resources within. I speculate that a better measure is to direct efforts towards wise expenditures. Seek to focus the economy on things that will be of benefit when done, with a focus on long term positive value to the economy and the quality of life for all. "John Major had made entering the ERM the centerpiece of his monetary policy and his plan to bring austerity to England. The events destroyed his credibility." ... "If you’re looking for a take away from this story, that’s one of them."