Austerity has been declared a strategy that cannot mathematically work by:
- Marxist economists
- classical liberal (capitalist) economists
- conservative economists
There is no known example of austerity working.
There are dozens of examples of austerity crashing economies.
There are several modern examples showing that rejecting austerity has allowed economies to recover. This has been acknowledged by the IMF itself.
The mathematical basis of austerity in Greece has been proven to be a miscalculation – by the IMF itself.
One of the foundational texts of austerity politics has been proven to rely on extremely faulty numbers; so faulty that even a student could see it.
Every single projection made by the IMF/EU/ECB has turned out to be catastrophically wrong. In any field of science, this would be understood as a sign that their methods are simply incorrect and cannot yield the desired results.
There is absolutely no logical reason to continue with these policies.*
*Unless, of course, your purpose is to cause a massive tranfer of wealth from the general population to a tiny elite of super-rich individuals and profoundly change the shape of our society to one that makes feudalism look progressive.