Today’s “Word of the Day” is austerity and it is a noun meaning “It is an economic policy that aims to reduce government budget deficits through reductions in government spending, increases in tax revenues, or both (in the wake of the financial crisis). It simply means “cost-cutting” or “deficit-cutting” by a government”.
Example Sentence: In the wake of the financial crash in 2008, hopes were high on the left that a bona fide (genuine) crisis of capitalism would significantly shift the political dial in its favour. Isolated victories and movements aside, it didn’t really happen. Instead, in the early 2010s, the bailout of the bankers was followed by the imposition of austerity across Europe and in America as governments sought to balance the books.
This word is present in The Guardian article The Guardian view on Europe’s centre-left: new grounds for optimism and click here to read it.
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