The two schools of thought in economics are Keynesian (stimulus - socialist) and Austrian (laissez-faire - Von Mises/Hayek).
With the amount of government spending and debt we have now, a crisis is unavoidable no matter what.
Going forward, the Austrian model works better, as it is based on reality and not on leftist ideology.
I believe that you mean “Austereian”, not “Austrian”.
Still, I agree. Keynesian economics (which should bear the name “voodoo economics”) in a debt-ridden society is, in reality, merely kicking the can down the road. The lender will eventually collect from the debtor, and going deeper in debt is only going to make the pain worse.