This shouldn't surprise anyone. Austerity (as implemented here) looks only to current account balances and does not consider the long-term impact on revenue. Di

This shouldn't surprise anyone. Austerity (as implemented here) looks only to current account balances and does not consider the long-term impact on revenue. Ditch digging theories aside, when government can borrow at rate x and can reasonably expect to get a return > x on an investment, it should generally do so. Debt levels must be taken in context. Alone, it is a meaningless number used to scare an ignorant public by people with an agenda of shrinking government. Rather, the focus should shift to promoting more effective government.