Austerity Budgeting is killing European Economies

So now, The Republicans in the US are pushing Austerity with the Sequester after Austerity is showing itself to be a failure all over Europe.

Nations imposing harsh austerity suffered deep economic downturns; the harsher the austerity, the deeper the downturn. Indeed, this relationship has been so strong that the International Monetary Fund, in a striking mea culpa, admitted that it had underestimated the damage austerity would inflict.

Meanwhile, austerity hasn’t even achieved the minimal goal of reducing debt burdens. Instead, countries pursuing harsh austerity have seen the ratio of debt to G.D.P. rise, because the shrinkage in their economies has outpaced any reduction in the rate of borrowing. 

http://www.nytimes.com/2013/02/25/opinion/krugman-austerity-italian-style.html?hp&_r=1&