So we bail the banks out with 5 times more money than outstanding debt and now are looking at those amounts on the public balance sheet as some kind of societal crime, but, and let me get this straight, we are now blaming the poor and imposing austerity rather than taxing the extremely wealthy?
Austerity reduces GDP which makes it harder to pay off debts.
The only reason Canada was able to balance the books during the last round of austerity was because, at the same time, the Americans pumped up their economy five times.
Austerity only works if no one else is doing it.
Worldwide austerity leads to worldwide economic depression. No trade anywhere.