So the NYT is clearly strongly against austerity programs in almost all cases, and has been repeatedly op-ed posting about the fallacies they perceive as surrounding austerity moves for Greece, the UK, etc (today, as it applies to Iceland), and, of course and in particular, with respect to the component austerity should play in US fiscal policy. The WSJ plays a bit of an inconsistent line, frequently advocating in favor of austerity (e.g. the 85/15 analysis they provided a couple years ago) but then also sympathizing with market volatility that's created by the lack of the government stimulus programs that they excoriate. It's an important issue to me both in that I have strong feelings about perserving my country as well as global growth, and in that I recognize my personal financial behaviors (which tend to austerity by disposition) play a role in the larger picture. For instance, personal austerity is frequently implicated as a culprit in the length of the Japanese recession, although the baseline behavior was very different (Americans saved poorly before the trouble started, and then they saved even less, whereas Japanese saved scrupulously before the trouble started, and then they saved even more). Is there anyone who offers a reasonably up-to-date and concise synopsis of arguments for and against austerity and their credibility, preferably that does not devolve into a 30-page long stream of consciousness like a Huffington Post blog?