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The meaning of AUSTERITY is the quality or state of being austere. How to use austerity in a sentence. Austerity : What is meant by Austerity? Learn about Austerity in detail, including its explanation, and significance in Economy on The Economic Times. Defining austerity Austerity refers to the cutting of public expenditures—such as in the realms of education, healthcare, infrastructure, and social services—in order to improve a country’s economic standing. Austerity can also include the raising of taxes to increase the amount of revenue that the government receives. These policies are often implemented with the aim of reducing deficits, redirecting more money to pay back debts, or a combination of the two. As Suzanne J. Konzelmann ... Austerity measures are often used by governments that find it difficult to borrow or meet their existing obligations to pay back loans. The measures are meant to reduce the budget deficit by bringing government revenues closer to expenditures.
