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.

1st of all I'm not an economist,
I think both..
1st yes but for a while, so as to start a new phase on a solid ground.
2nd i'm with eli42291

What's wrong with the economy then?

No, y'all have just been spending your money stupidity and allowing people to borrow money that they can't pay back.

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.

maybe it wount fix it, but it will make our resorses last longer and be used the right way without so much waste, but im not an expert. waste makes me sad.