This liberal economic concept of austerity, you call the Austerity, is an american concept, why not. But austerity was already there from centuries.
Why still american want being the inventors everything ;-)
In 1930, Enrich Brüning was installing Austerity in Germany, after the ‘Great Depression’. And the result was emerging the Nazism, but I don’t say this is a single cause.
So I am clearly agree with you Umair, Austerity is only a solution from Ploutocracy, to lower their own financial impact to the global Society, instead taking their own main part ! And we will repeat that, for the next collapse.
We must be creative, and rebuild others business models, and others values creations, than ‘economic’… Money is not existing, it is pure human creation, we can (re)imaging others perspectives, and create money for other things than ‘consumer products’ !