Austerity takes money out of a contracting economy making the situation worse, creating a vicious cycle, and whats worse hollowing out govt services (NHS, policing, education). Austerity is dangerous on a number of levels.

> Is this any different from a person getting indebted on a credit card? Honest question.

Yes, its completely different. Debt creates a liability, it needs to be paid back.

Monetary financing - aka helicopter money - is precisely the opposite.

The central bank "prints" money: it can be credited to the govt's account, or the CB can directly credit household bank accounts with money created from thin air. No new liabilities are created.

The problems with monetary financing is that it can get addictive; its use outside of situations of extreme economic distress is the biggest risk with its use.