...from one of the American libertarian conservative think thanks that now operate in the UK too said the BBC the other day that austerity means tax cuts. Equals nice!
Ahem. No. Austerity means tax increases AND spending cuts.
If you don't automatically see that as a dangerous waste of time there's something wrong with you.
"You can't spend your way out of an economic crisis." Er, that's exactly what you CAN do. And even SHOULD do. If you don't, well...
Take the money people would have used to buy stuff. Then don't use it to support them buying stuff. How's that been working out?