Define "not working". If you define "not working" as reductions in consumer spending, then all I have to say is DUH DURRRRR. The alternative is more of the same - borrow and spend. The problem with that is that at some point, there will be no more borrowing. By then, you're so far up shit creek all hell will break loose.
People do not like austerity measures because the milk starts to trickle from the teat.