Going into endless debt does not grow economies any more than running up your credit cards makes you wealthier. It just gives you the illusion of growth. If you want to see where this leads look at what happens in Japan over the next 12 to 18 months.

And anybody who lived through the Carter years understands high inflation is something to be avoided at all costs. It's not a stimulant to the economy, it's a drag. Companies don't know what the real return on their money will be so they don't make investments.

>Politics and demographics are pro-austerity, not economists.

Nonsense. Politics is very, very, very anti-austerity. Governments do not get smaller without a major upheaval. Look at the UK, where you hear much wailing and gnashing of teeth over "austerity" that's simply a tiny cut in the rate of growth of the budget.