Europeon Debt Crisis: There isn't another option EXCEPT austerity.

[richardhutnik]

Kasz216 said:

Lately there have been more and more articles in the US complaining about Europeon Austerity and how it will destroy the country.

It makes me wonder what other option there actually is.   The europeon Debt Crisis is happening because a number of countries didn't cut spending when they could and are rapidly approaching (or already reached) the point where they can't pay off their debts.

Some people are saying that instead they need to keep spending up, possibly even increase it and hope to outgrow the debt.

Which seems impossible just based on the fact that they weren't outgrowing their debt even when the economy was good.

The only real way to get out of it, is to try and spur growth while NOT increasing debt.  In otherwords, Austerity, and then a bit beyond normal austerity to provide pro-growth changes.

In otherwords cut more then you need to and put that extra money elsewhere.

You understand what the austerity in Europe is, right?  It is not your American version argued for, where it is an attempt to shrink the government into the size of a bathtub so you can drown it, by engaging in tax cuts and budget cuts.  In Europe, programs of austerity mean you not only get budget cuts, BUT you also get tax increases.

I have yet to see anyone in the American political realm, posting on forums like this, who would dare advocate that.  So, are you the first to go on record to say you support both tax increases and budget cuts as a solution an country's economic woes?