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First of all, I don't like to speak about austerity. I'd prefer to speak of fiscal discipline. Fiscal discipline, in the end, amounts to austerity if it is not accompanied by other policies. ↗
Growth in any individual European country has to be the result of policies for growth pursued in that country consistent with budgetary discipline. ↗
The construction of extensive railways, however, and particularly the consolidation of small, experimental lines into large systems, dates from the days of the discovery of gold in California. ↗
The public conviction that a railroad linking the West and the East was an absolute necessity became so pronounced after the gold discoveries of '49 that Congress passed an act in 1853 providing for a survey of several lines from the Mississippi to the Pacific. ↗