austere quality; severity of manner, life, etc.; sternness.
Usually aus·ter·i·ties.ascetic practices: austerities of monastery life.
harsh economic policies, as increased taxes or decreased funding for social services, usually adopted in response to government debt or deficits (often used attributively): Economic growth slowed under austerity.The legislature tried to reduce the budget deficit with austerity measures that raised the retirement age and cut pension benefits.
Origin of austerity
First recorded in 1300–50; Middle English austerite , from Anglo-French, Old French austerite , from Latin austēritās; see austere, -ity
Economic stability was promptly replaced by recession and austerity in financial capitals and small towns around the world.
How digitalization could help American states and cities bounce back from the COVID recession|matthewheimer|October 7, 2020|Fortune
Though DeJoy put some austerity measures on hold — since backstopped by four court orders — and called the timely delivery of election mail his “sacred” duty, suspicions persist.
In Detroit, chronic USPS delays undermine voters’ confidence in voting by mail|Lisa Rein, Kayla Ruble|October 5, 2020|Washington Post
Education leaders immediately compared it to the devastating austerity of the Great Recession.
How Los Angeles and San Diego Unified Started Driving State Education Policy|Will Huntsberry|July 29, 2020|Voice of San Diego
Now cities are largely on their own, as austerity and gridlock grip Washington.
Can America’s Favorite Ex-Con Mayor Win Again?|David Freedlander|June 22, 2014|DAILY BEAST
Walmart is about to teach everybody a lesson in how austerity can affect the consumer economy—and quick.