This argument is funny to me. It's like my wife telling me "if we stop buying clothes on a credit card, we're not going to have new clothes." Duh.
Austerity isn't about instant gratification. It's about paying down the bills. It's inane for me to read someone say "I've made this point over and over and over and over on this forum: deficit reduction retards growth." Hurrrr... How stupid.
The housing bubble popped and there are more bubbles just waiting to go. Deficit reduction works to keep the bubbles from completely blowing the whole thing up. We've got to pay today what they took out yesterday or we go over a real cliff, not a contrived one. That means we SUCK IT UP and do what's right now so the generations in the future can benefit. I'm not willing to torpedo the whole thing in the hopes that the leftists are right and we can spend our way to prosperity. We've already seen the results of that: reckless spending comes with costs.
Deficit reduction isn't the problem here. The deficit is. The economy, more than anything, is a psychological construct - not a scientific equation. It gets its power from the attitudes of those in it. Large deficits create large recessions.
Ehyeh asher ehyeh.