We're led to believe the solution to this economic crisis is either getting deeper in debt or more austerity measures (higher taxes, less subsidies)
We're led to believe it's either A or B.
It's neither A or B for most countries. The truth of the matter is that it's a political problem.
We have to reduce the size of the government.
... and jail the corrupt people that hold public office yet act against the citizens in any way. Until that moment in time, nothing good will come out of this and the status quo will just keep on rolling and smashing everyone in its way.