I know nothing about macroeconomics, but anyone could tell that the pro-austerity arguments were about how good it feels to tighten
one’s other people’s belt, not about any kind of reality-based quantitative analysis of anything (via Atrios):
“Even countries with relatively strong public finances such as Germany — the country’s budget deficit fell to just 1 percent of GDP in 2011 — are tightening fiscal policy,” Simon Tilford, the chief economist for the Center for European Reform in London, wrote recently. “In so doing, European governments are standing conventional macroeconomic thinking on its head. Governments are withdrawing demand from their economies at a time of pronounced private sector weakness.”
The awful truth is that for at least the last decade, western elites have been Jerry Sandusky, non-rich/non-white people have been pubescent boys, and the world has been a big locker-room shower. Going into Iraq felt good to Serious People the way molesting boys felt good to Jerry Sandusky. Same with austerity.
And then these douchebags have the gall to lecture us about how the hippies made everyone stop resisting their worst impulses. If wanting to bomb civilians and destroy the western middle-class isn’t one of the very worst impulses a human being can have, I’d like to know what it is.