First of all, he’s wrong because that’s not what “austerity” means. (Either he knows it, in which case he’s completely dishonest, or he doesn’t, in which case he’s unqualified to be writing about the subject.)
Second, he’s wrong for the simple reason that spending has not been cut; it’s gone up every year. It’s just going up a bit less than projected.
Third, aren’t partisans like Krugman (Krugperson?) supposed to be praising Obama’s great economy, not patting themselves on the back for predicting it would be rotten?
Krugperbeing