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Four years later, after much soul-searching from the IMF about why it underestimated the costs of austerity, estimates seem to be converging on a multiplier of … about 1.5.
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And I estimate austerity as the difference between the actual change in budget balance and this predicted change.
What do we get if we plot this estimated austerity against the actual change in real GDP 2009 to 2011?
And if you think austerity's a good idea, NELP estimates that, "Taken together, the 'sequester' and other budget-cutting policies will likely slow GDP this year by 2.1 percentage points, costing the U.S. economy over 2.4 million jobs".
The deal just struck by Congress to remove the worst of the blow from the so-called fiscal cliff will nevertheless give the economy a cold chill of austerity this year, with forecasters estimating that the expiration of that payroll tax holiday, new tax hikes and previously legislated spending cuts might cut 2013 economic growth from 3 percent to 2 percent or even lower.
To hit the European Union's deficit target it would need to impose another austerity package that, according to estimates, would be more than double the 15 billion euros, or $20 billion, of tax increases and spending cuts already agreed to this year.
The new estimate means the austerity measures being negotiated with the International Monetary Fund and euro zone countries might be deeper and last longer than previously expected.
In last year's budget, which had debt reduction and austerity as its focus, Hockey estimated the average level of government spending over the four years to 2017-18 to be 24.9% of GDP.
On the basis of the observed 12 percentage point rise in unemployment during the austerity period, our statistical models estimate a 2.23/100 000 population rise attributable to job loss linked to austerity (95% CI 1.37 to 3.10), which largely accounts for the overall suicide increase in working-age men during this period.
A new study by the Center for American Progress, a left-leaning think tank, estimates that today's austerity measures are going to leave the U.S. economy with 2 million fewer jobs and $433 billion less in economic growth by 2019.
The irony is that when it comes to austerity, there's up to an estimated £50bn spending gap between Labour and Tory plans.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com