I think that as in most of the issues we face now days we can't look at a problem as something that is black or white, going for a total austere way of life would put the economy at a halt, while a state of complete indulgence would eventually end in debt and crisis. The trick is to actually strike a point of balance, keep the money flowing but in a smart conscious way.
no way. no funds, no money. no money, no buyers. no buyers, no sales. no sales, no taxes. no taxes, no state. living on old resources is the greatest postrevolutionary stupidity ever. we must produce, we must work, we must buy and we must sell. we do not hibernate, just consumate. and loans are a no-answer to that.
Austerity is the worst thing we can possibly do. In order to fix the economy we need to start spending one hundred fold to bring jobs, and infrastructure that will allow us to compete globally. Think of it as an investment for the future.