There seems to be some sort of new blog feud (see e.g. 1,2,3,4) about a David Beckworth graph that purports to show that 1) given the US and EU have engaged in "the same amount" of fiscal austerity, but different monetary policies and 2) since NGDP growth has been steady in the US and falling in the EU, we can conclude that 3) fiscal policy is ineffective.