The US outlet “National Review” has a nice peice contrasting so called “austerity” with… austerity. An example should illustrate:
After enduring one year of painful but necessary cutbacks by government and business in order to regain competitiveness, Estonia is now outperforming the U.K. on every major economic indicator. The U.K., on the other hand, has allowed austerity for the private sector to take place for nearly three years without any commensurate cuts in government. Our tea-drinking Atlantic neighbors have suffered accordingly.
One year? One? My my.
The whole thing is worth a read if you’re into facts and figures.