austerity
n. C / U B2 Upper Intermediate US //ˌɔˈstɛɹɪti// UK //ɔːstˈɛɹɪti// aus·ter·i·ty
n. the policy of reducing government spending to balance the budget. It often means higher taxes or fewer public services for people.
n. the practice of strict economic restraint, typically involving reduced public expenditure and increased taxation to correct a budget deficit. Uncountable in its political sense; countable when referring to specific periods of hardship.
The country faced years of strict austerity.
The new government introduced severe austerity measures to reduce the national debt.
Critics argued that the prolonged austerity measures disproportionately affected the working class while failing to stimulate long-term economic growth.
From Ancient Greek αὐστηρότης (austērótēs, “bitter, harsh”). Morphologically austere + -ity.