Austerity Works — When the Market Is Freed

1. When will governments recognize that there is no alternative to austerity for a country which has reached its debt limit? When will governments recognize that austerity does not need to be painful when spending cuts are made in combination with an improvement of the economic environment of the private sector? The choice between a cut of government expenditure or an increase of public spending runs down to the choice between accepting a period of adversity or to go on with the illusionary joy ride.
2. While regime uncertainty and the economic policy of President Roosevelt kept the private economy down in favor of the public sector and of government employment during the Great Depression and in the war years, a new period dawned for free enterprise in the United States and the other countries, such as West Germany and Japan, that joined in.

https://mises.org/wire/austerity-works-%E2%80%94-when-market-freed