Have you noticed that while it is the rich and powerful that create nation-wide and even worldwide financial crises through their greed and desire for quick profits at whatever cost, it is the working class and poor that are expected to pay for the mess they create?
In the U.S., where austerity measures have been mild by comparison to much of the world (and therefore the recovery actually stronger), even here it is the pensions of working people that are being attacked, as well as services to the most needy and vulnerable that are cut. Infrastructure that the common people rely on) are let to go to ruin–public roads in poor shape, pubic school budgets cut into the bone, public transportation cut, etcetera.
In Greece we see now that they are being forced to those same “solutions” only in even more extreme than we have–pensions cut, jobs lost, other social services cut. Public property sold of to private interests.
Not only do the rich not pay for the disaster brought on by their greed, we find that in the long run (or really not that long) they use these disaster for further profit. The banks are bigger and richer than ever. In Greece, for instance, private interests use this to take over what belongs to the public.
Austerity does not work, as it actually takes money from those who would spend it, and puts it in the hands of those who already have more than they know what to do with–except buy themselves more toys and consolidate more wealth and power.
Until the assumptions of global Capitalism are questioned, examined and overturned, such injustices will continue.