The problem is that none of the governments want to admit they are broke and implement austerity measures.

Lol .. that's really good.

"The problem is that none of the governments want to admit they are broke and implement austerity measures."

Well why bother when you just get someone else to 'bail you out'? Heck, bailouts are like literally *getting paid to* spend badly, so we *reward* bad financial management and *punish* good financial management. Bizarroworld. The real answer to who is bailing out those economies is the hardworking Germans etc., who will now be forced to give the money they earned to lazy and corrupt people. But why work so hard if you don't get to keep your own money ... it's a downward spiral.

Anyway, since when is living within ones means considered "austerity?"

I can not find any reference to it. Maybe I'm not using the right search terms.

As I understand it, one of the first things Reagan did when he took office in 1981 was to ask the IMF for a loan. At the same time he implemented (with Congress's support) tax cuts and other measures that allowed the U.S. to come out on top.

If those ideas had been followed -- we would be much better off.