Austerity was no random faith. It was the complement to the Cosmic Lie, a value system promoted by the affluent people who benefited from it. Less public spending spelled less need for taxes—which meant more for Davos Man. And what public spending was required to pacify a restive populace could be paid for by the sacrifices of others—ordinary wage-earners, especially younger people. Austerity might go dormant for a while, but it was never fully dead.
