At least in the Western world productivity gains outpaced population growth. If we don't try to feed starving Nigerian children it is very possible to end both hunger and poverty at home. Unfortunately human condition prevents outright redistribution of goods and services. So we have to work around it.

What does work is increasing imaginary numbers (fiat currency) for productive population, and as long as bulk of it is kept from getting exchanged for basic foods&goods we ALL can have PLENTY. We can actually redistribute basic necessities in a very fair way and use luxury goods for productivity/economic gains.

With that in mind, austerity makes absolutely zero sense. You compromise REAL quality of life (e.g. ability to buy food) to manipulate IMAGINARY numbers. This is why we invented fiat currency - so we don't have to do things like that anymore.

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