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As Spain's unemployment figures reveal that 1 in 4 people is out of work there, In the Balance attempts to inject humanity into the dry economic statistics. We're looking at the human cost of taking the axe to public spending and asking if the cuts are actually working. Are they eating away at the mountains of debt? And if not, what's the point of all those people losing their jobs, homes and livelihoods? Manuela Saragosa debates austerity with Anders Aslund from the Petersen Institute in Washington DC; Irish economist, David McWilliams; and Yiorgos Mylonadis of the London Business School