"Austerity is antidemocratic", indeed because a democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury.
(Who vote themselves largesse from the public treasury.)
> Indeed, because an oligarchy cannot exist as a permanent form of government. It can only exist until the billionaires realize that they can bribe themselves largesse from the public treasury
There is always an equilibrium point. The oligarchs won’t suck the state’s teat to the point where the state collapses.