We should also note that, as history has shown, such resulting economic crises tend to breed authoritarian political systems, most notably fascism, when such crises are not resolved within short order. And austerity policies only worsen recessions and depressions, making fascism even more likely. Look no further than Nazi Germany in the 1930s, the Golden Dawn party in Greece in the 2010s, and of course the Tea Party followed by Trump in the USA as well. And the resulting fascism only makes inequality even worse in the long run, despite any initial short-term benefits that may occur. And the vicious cycle continues.
Thus, when such necrosis breeds fascism, and that in turn breeds further inequality and necrosis, we have coined a new term for it. We call it, "Necrotizing Fascism", named after the flesh-eating disease "necrotizing fasciitis". And that is basically what we have now under the Trump regime. Believe me.