Where is this economic austerity you speak of, and who is imposing it?
Starts with a tax on taxes. The richer you are, the less tax you will pay. This is a cost to the entire nation as most people aren't rich and most people require the benefits of taxes.
From the de-industrialization of a country, the privatization of previously public goods, subsidization of the wealthy by everyone else, the decoupling of national wealth from labor, I mean we can go on and on. And lest you think I’m partisan, both parties are complicit, but this is hardly an American phenomenon.