I think that austerity has been one of the key economic measures used in the EU, to deal with the crash, and it tends to slow economies down. The US has used more traditional Keynesian measures (stimulus).
However, neoliberal politicians also do this; for example, Osborne realized after a couple of years that he had stalled the economy, and began some stimulus injection of his own, so for example, we now have house price inflation, big projects in the south east and so on. However, the commitment to neoliberalism is also ideological - small state, privatization, sell off of companies (e.g. ICI), cuts to welfare, wage control, high bonuses. Enjoy!