Austerity was an attempt to resolve the financial crises by cutting spending, which could trigger deflation (am not talking just the U.S.) G20 now sees the need to encourage inflation in the hopes it propels growth.
Some say the $10.10 is more of an attempt to stave off civil unrest. Many were surprised by Arab Spring and the Ukraine event and how quickly it unfolded.
And one cannot always blame the drought and snow for the sluggish economy. Things are changing. Watch and see.