Republican Austerity Budgeting is a Terrible Mistake.

"The global economy is extremely fragile right now," says Reich. "This is the worst time to take the false snake oil of austerity economics. It's a very dangerous potion. We are doing it here in the US as well. We are not doing it as loudly, we're not embracing it quite as much, but the fact of the matter is we do need a much more stimulative fiscal policy."

Striking a note that politicians on the left should be pondering, he adds: "I think the whole debate about stimulus or austerity is really about the business cycle. What we are talking about – widening inequality – is more structural and that requires, beyond a reversal of austerity, some much more fundamental reforms." 

http://www.alternet.org/economy/robert-reich-austerity-terrible-mistake?akid=11614.294211.L9SKeB&rd=1&src=newsletter971929&t=15