Ryan McMaken writes:
In the February The Free Market, Mark Thornton notes that in the current media narrative, “austerity” means raising taxes to pay wealthy bankers.
Authentic austerity -the good kind-forces the government to actually get smaller:
Real austerity is not adding more difficulties on the productive sector of the economy in the form of higher taxes. The private sector produces, the public sector consumes. The IMF’s idea of raising taxes on individuals to pay off international banksters is bad economics and is not real austerity.
Read more here (PDF).