Austerity doesn't work because none of these governments are implementing true austerity. You have to completely hit rock bottom and eliminate all the bad debt and mal-investment. Trimming around the edges and talking a lot about it doesn't do the trick.
Just give some of these countries some time. We haven't hit rock bottom yet. The reason I know this is because not enough people are concerned enough about the enormous growth of the federal government and the enormous growth of the debt. When we've truly gone over the cliff and have to face facts because our currency doesn't buy anything and there are no jobs, then people will panic and we'll actually cut something.
Clearly, we haven't reached that point in the US yet. I'm sure it's coming, though. In our lifetime.
The Screamapillar is easily identified by its constant screaming—it even screams in its sleep. The Screamapillar is the favorite food of everything, is sexually attracted to fire, and needs constant reassurance or it will die.
