Michael Darda of MKM Partners:
There has been only one fiscal recession in the last 100 years, and even that one (1945) was accompanied by a monetary slowdown. Moreover, during this so-called recession, unemployment rose from an unsustainable 1% to a still-low 3%; the DJIA rose 20% from the peak of the business cycle to the trough. Perhaps this occurred because the recession was exclusively a public sector phenomenon; private GDP was soaring.
A few key charts from Darda:
Here is some more about the strange 1945 recession and what it says about austerity.