Praise for austerity

Martin Wolf:

Some argue that we have no right to bequeath higher debt to future generations. But why would it be wise to bequeath a smaller economy to posterity, instead? Some point to the huge efforts already undertaken. That confuses input with output. But, as Mr Posen notes, this is like saying that the “fire must be out, because we’ve already pumped more water than for any previous fire”. It confuses action taken with outcomes.