It irritates me to see government austerity measures, either here or in Europe, being bad-mouthed by economists and editorial writers. The reasons given for opposing austerity is the reduction of economic activity, which impedes economic recovery. Austerity, in the extreme could freeze the recovery, but discipline in moderation is always timely.
When the economy is clicking and unemployment is 5%, there is no political incentive to reduce the budget. Congress has told us repeatedly, that such an idea is repugnant and like throwing a wet blanket on our economic progress and development. Plus, no body’s complaining ! We need to pour on the coal, create bubbles, and get re-elected.