Although the capitalism that the US was founded on is not the same capitalism that exists today, it did have austerity baked in. Why? Why is it that the rich have big houses and private islands and the poor get cramped quarters and squalor? Why do charities exist? They only provide half-measures of crap food, cheap clothing and minimal shelter. Capital creates austerity through inequality and a false narrative of value. Everyone should have healthy food, a nice home and a supportive community to live in. Americans have been lied to since the American Revolution that America is a level playing field. Americans don’t question why the rich get everything or why things that belong to them are taken away. Americans don’t protest like people in France do when things are taken away from them. JP talks about Austerity in this 32 minute podcast. Listen to Austerity.
Also, as sidebar material, here’s an article from CBS news. https://www.cbsnews.com/news/i-blame-myself-retirement-remains-out-of-reach-for-millions-of-americans/