There has been much grumbling lately among Keynesian (liberal) economists that the current lackluster performance of the America economy is all due to the fiscal "austerity" being forced on the government by the Republicans. Of course they need to find some excuse why the much vaunted $1 trillion plus "stimulus" that they prescribed seems not to have worked. But as J.T. Young points out in today's RealClear Politics article What Austerity?, in fact government spending has not decreased, it increased by a massive 29% between 2007 and 2009 as the Obama administration came into power, and has stayed there ever since, despite the sequester.
So much for that excuse.
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