Global: Kill austerity, before it kills you

The latest IMF World Economic Outlook is causing quite a stir, states this article. It contains a three page text box basically saying that the IMF, together with other international institutions such as the OECD and the European Commission, has heavily underestimated the impact of fiscal austerity on economic activity. By thinking that fiscal cuts would only have a relatively minor impact on economic activity, governments were given bad advice and were pushed into policies administering overdoses of austerity.