The planet disagrees with you. I'm not saying that necessarily means you're wrong, but that's the way to bet.
Here's something re austerity in Europe not written by or about The Washington Post or Paul Krugman... China weighs into Europe's austerity battle "Tania Branigan in Beijing and Graeme Wearden guardian.co.uk, Friday 16 November 2012 18.44 GMT "Top official at China's £300bn sovereign wealth fund said that the depth of public anger in the eurozone could lead to a 'complete discarding' of austerity programmes. "Opposition to Europe's austerity programmes intensified on Friday as a top official at China's £300bn sovereign wealth fund warned that the public are at "breaking point" and protesters demonstrated in solidarity against the International Monetary Fund in Manila. "Jin Liqun, chair of the supervisory board of the China Investment Corporation (CIC), said that undue harshness risked a backlash which could end with necessary economic reforms being abandoned. Jin, who has previously argued that Europeans should work harder, repeated an earlier warning that governments had spent unsustainably in the past and need to be more fiscally responsible, but added that the depth of public anger could lead to a "complete discarding" of austerity programmes. "The fact the public are taking to the streets and resorting to violence indicates the general public's tolerance has hit its limits," he said. "Unions are now involved in organised protests; demonstrations and strikes. It smacks of the 1930s," he said. "The general public's tolerance of austerity has been stretched to breaking point." More...
These deals are always a trade for certain tax increases now in exchange for uncertain spending cuts that may or may not occur in the distant future. Unless there's a way to guarantee the spending cuts will happen, it's just another politicians' lie designed to screw the taxpayers.