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By libertarian's logic, the period from 1945 to 1970 should have been an economic disaster: we spent money on building highways, airports, the space pogram, the GI Bill, the Marshall Plan, the Cold War, and more. Taxes on the highest brackets were set at 91%. According to libertarians, we must have done everththing wrong, yet after World War Two (by the the way, the largest public works project in American History that also ended unemployment), we saw the longest and most sustained period of growth and prosperity in Amrericcan History--and it extended beyond the wealthy to people in all classes. Moreover, the debt was reduced considerably by 1974, in spite of it all. There is little historical rhyme or reason to link government spending to economic fortunes. 1835 is the only year ever that we have had no national debt in the US. Yet a year later, the Panic of 1837 plunged the country into a recession. The point: the recession might not have been CAUSED by being in the black, but by the same token, it did not prevent it either. Austerity, to all you libertarians, is a policy of barking up the wrong tree! Get with the picture: a laissez-faire system is great for generating profits for the few, but without rules and balance, it won't achieve anything else, and in the long run, it will lead to the decay of the American Republic.
