Austerity generally means 'tightening the belt' which often means to some as 'draconian' spending cuts. But here's the thing.
There are no real, deep cuts.
What's happening, I surmise, is tax rates remain high and spending cuts are not offsetting this. Specifically, countries are just slowing spending to a previous level that don't necessarily mean "cuts."
Europe is still, in other words, spending like drunken soldiers.
The way I see it, if you're gonna commit to cutting, then cut. Face the wrath of the people and move on. At least have something to show for it in the form of lower deficits, smaller government etc.
Going at it half-assed (sorry, using a 'balanced' approach) only invites anger since a certain percentage of the population will probably get hit harder than another with nothing to show for it.
Pissing off a lot of people while pleasing almost nobody (except probably a socialist who seems to thrive on coercion and destruction) will almost certainly lead to social malaise. At which point, I don't blame people.
There's nothing magical in what needs to be down in Europe. They can reduce the size of the government by getting out of the cess-pool of stupidity known as 'nationalized' businesses. Lower tax rates to humane and reasonable levels and remove high regulations that discourage entrepreneurship.
To me, that's common sense. To others, that's 'deregulation.' Follow the line of thinking in the latter, and watch you whither like wilted roses.
Remove those and watch Europe heal quicker.
Erm, I mean, have a nice day.
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