Austerity shouldn't be seen as one sided as it normally is by the freeloading lefties.
Austerity can be a good thing as it means that one can save even more money by cutting back and by cutting back, you save even more money - I've done this and I'm seeing the money pour in, so much so that owning my own home will happen faster because I've cut back and set a strict budget to work to and not expected everything to be given to me on a plate.
On an individual level, I agree. On a wider macro-economic level though, it doesn't work like that.
I'll take two examples that I'm experiencing in my life. Firstly, on a personal level, I'm currently saving for a deposit for a house, and have trimmed my expenditure accordingly. Consequently, I'm saving quite a bit which puts me in a much better position going forward.
On the flip side, I work in the Public Sector, and as such, have been subject to pay restraint for seven years so far. Because of this, I have seen my income go down in real terms over the course of that time frame, whilst the cost of things I have to spend money on, (utilities, council tax, food etc.) have increased at a faster pace.
The upshot of this is that I can't readily afford to buy things like newer clothes, a new car, or say a new music centre - all things I'd like, but haven't the disposable income available to buy.
The knock on effect is that demand within the wider economy drops off, and growth starts to stagnate. That's pretty much what has been happening with the UK economy over the last seven years or so, as by and large, there hasn't been any significant growth.
That for me is the problem with the Austerity programme. Don't get me wrong, I'm not expecting any whopping big pay rises, but given the macro scale of the cuts being made by the last two governments, it's had the effect of repressing the wider economy, which isn't good for anyone.