Austerity policies refer to measures taken by a government to reduce their spending and save money. These measures often involve cutting public services, reducing government welfare programs, and increasing taxes to control government debts. The aim is to restore economic stability and balance the budget. However, they can also lead to challenges for the people affected by the cuts, as some may experience a decrease in living standards and limited access to certain services.
Full definition
Similar and related words and phrases are presented below.