One of the lessons learned from the '30s was the premature application of austerity. FDR imposed austerity in 1936 and the economy tanked. It wasn't until the war that the economy took off. Massive debt and taxes lead to a recovery. It seems to me that the austerity response is still active in conservative circles but it has lead to political suicide.

Trump is proposing massive budget deficits. May is proposing a 'living wage' and Universal Credit (the rollout has been botched). Abe is the author of huge Japanese deficits. Maybe Dick Chaney was right and 'deficits don't matter'. Those Reagan era deficits certainly didn't destroy the conservative lustre of Reagan. Conservatives love Conservative deficits!