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- Dictionaryaus·ter·i·ty/ôˈsterədē/
noun
- 1. sternness or severity of manner or attitude: "he was noted for his austerity and his authoritarianism" Similar Opposite
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noun
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Political-economic policy aiming to reduce government budget deficits through spending cuts or tax increases
In economic policy, austerity is a set of political-economic policies that aim to reduce government budget deficits through spending cuts, tax increases, or a combination of both. There are three primary types of austerity measures: higher taxes to fund spending, raising taxes while cutting spending, and lower taxes and lower government spending. Austerity measures are often used by governments th... Wikipedia