Do you know what European “austerity” consists of? Forced raising of taxes at the same time as cutting spending. The social programs sure wouldn’t be missed if people were not being put out of jobs (they are being expanded to a certain degree, though). And the bailout loans (they are not grants) have the draconian requirement of continual surrender of national sovereignty, except of course on the part of just one EU country. This is designed to exacerbate the crisis, not solve it. It sure is not in line with US conservative principles.
And take notice that expansion of the central government is always on the agenda.