Austerity is the new fashion in politics. The Greeks need it; the Germans want it. Some in Congress feel we don't have enough of it in the U.S.

But no one wants real austerity; just ask the Latvians. What politicians want is the respectability of fiscal discipline without actually asking voters to lower their standard of living. What they are dabbling with is the equivalent of ordering a Diet Coke with their bacon triple-cheese burger. The Senate is considering a $30 billion dollar "jobs" bill. Whether it is a good bill or a bad bill, saving $30 billion in one time expenditures is a paper cut on a $1.3 trillion budget deficit. This is not austerity.

Real austerity can not be a fad. It has to be followed for years before it shows results. In today's "get through the next election" policy mentality; austerity is not possible. The danger is that the austerity posers will prevent government from making the needed investments to fortify economic growth. And economic growth is the best solution to our deficit problem. A side order of real austerity would be nice; but I don't see it on the menu.