Austerity

A political cartoon by Daryl Cagle

The practice in economics where policies are made to decrease government spending and/or increase taxes to attempt to lessen government budget deficit. During the fiscal crisis in New York City austerity was used to try and help decrease government debt; budget cuts and layoffs were a common part of austerity. These policies usually work to benefit businesses and corporations rather than people in a society.

For further reading: http://www.economicshelp.org/blog/6254/economics/what-is-austerity/

Sources:

The Fiscal Crisis, Freeman

What is Austerity?, The Economist

 

Glossary, UD: Historical development of Cities - Economic Development

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