They are actually right. You create 1 million bogus jobs through printed money, why be surprised when austerity requires you to cut those jobs. But austerity is the only way out.
Watched Bernake this morning....several Democrats wanted the Fed to Fire up the QE3...right now.
A austere and wise transition would create high amounts of initial unemployment, huge drops in GDP, cuts in government spending and deficits.
However, none in politics except the designated and correct fringes would go down that path.
The proper correction would require time for the unemployment and such to work its way out of the system. But Americans don't have the patience nor the resolve. Just as we haven't fixed the housing issues, banking, spending, the list is long.
We cannot judge the past economies as the future. Our mirage has been aided by debt. Debt has created the illusion of prosperity.