This (https://scholar.harvard.edu/alesina/publications/what-do-we-know-about-effects-austerity https://scholar.harvard.edu/alesina/publications/what-do-we-...)

This (https://scholar.harvard.edu/alesina/publications/what-do-we-know-about-effects-austerity https://scholar.harvard.edu/alesina/publications/what-do-we-...) is sort of a pre-print to Alberto Alesina's book "Austerity" (https://press.princeton.edu/books/hardcover/9780691172217/austerity https://press.princeton.edu/books/hardcover/9780691172217/au...). The book has some additional differences of course, however if you wanted to save money the pdf is free. Either or, Alesina's argument is that to reduce debt the best path is cutting over that of just raising taxes. Even cutting over raising taxes and cutting. This is cause taxes just act as a form of a credit card level increase and continues to allow for governmences to kick the can down the road. There is a lot that can be said here too, ecb working paper notes the size of government constraining the private economy (https://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1399.pdf https://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1399.pdf). The best path forward is program cuts, without tax increases. Reduce the size of government and let the private economy grow us out of this hole.