AUSTERITY

Austerity

In economics, austerity describes policies used by governments to reduce budget deficits during adverse economic conditions. These policies may include spending cuts, tax increases, or a mixture of the two. Austerity policies may be attempts to demonstrate governments' liquidity to their creditors and credit rating agencies by bringing fiscal incomes closer to expenditures.

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austerity

Noun

  1. Severity of manners or life; extreme rigor or strictness; harsh discipline.
  2. Freedom from adornment; plainness; severe simplicity.
  3. A policy of deficit-cutting, lower spending, and a reduction in the amount of benefits and public services provided.
  4. Sourness and harshness to the taste.


The above text is a snippet from Wiktionary: austerity
and as such is available under the Creative Commons Attribution/Share-Alike License.

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