The things is austerity should be used with other methods. Cutting unneeded and wasteful programs and redirect the money on new programs that have a focus on creating jobs. An example above was buying a router, it doesn't mean you are helping create jobs in your market and most of that money is disappearing usually to another market.
Also taxing the "rich" doesn't help either. A local station had an economist on who tried to put the financial problem in the US into better prospective. (He cut off 6-to-9 zero off the budget, etc) Basically the US spends $330,000 but it only takes in $120,000 in revenue. Even if you take 100% of the people making $250,000 or more money in taxes, you only add another $20,000-to-$30,000 in revenue. Which leaves a loss of $180,000. So any budget that gets passed has to include austerity measure in addition to revenue increases. Because the other shoe will drop. The loss is usually covered by currency speculation and getting money from the world bank. And the US's major investor in this case is China. And China expressed concerns at the end of the Bush era that it really didn't want to continue to support the US overspending but it really couldn't just drop its investment either because of the effects it would have one their market.
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