Austerity


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Austerity

A program in which a government drastically reduces spending and/or increases taxes or other revenue sources. A government launches austerity programs when their deficit and/or national debt become unsustainable. The IMF and the World Bank often require austerity programs in exchange for restructuring or refinancing a country's debt. Austerity is usually politically unpopular because it may involve cutting programs like food subsidies or national health care.
References in periodicals archive ?
In response, 82% believed that this is a necessary step for austerity whereas 11% Pakistanis felt that it is not a necessary.
According to the notification, a competent authority in a certain ministry or division will constitute an Austerity Committee in order to meet a situation where it becomes necessary to hire a person or purchase a vehicle.
According to the notification issued by the austerity committee, ministers will not be allowed to renovate their houses either.
Responding to a question he said none of the previous governments had even thought about the people and never reduced their expenses adding part of efforts to solve economic woes, the government has initiated various austerity measures in the recent past", he added.
I think instead of pushing the austerity drive, what we need is to move beyond drawing room discussions, and actively patronise local goods by buying them, and conserve on energy by utilising daylight hours.
"The UK government must halt its austerity agenda now and follow Scotland's lead by building a social security system based on dignity and respect.
But it's clear she has no plan to tackle austerity's burning injustices.
Despite the planned austerity measures, the agenda includes bills calling for raising the minimum wage and salaries of hundreds of employees and workers in a number of public institutions, including the Railways and Public Transport Authority, idle since 1992.
Following a visit to Britain in November, he concluded austerity had 'fallen disproportionately upon the poor, women, racial and ethnic minorities, children, single parents and people with disabilities.'.
Wren-Lewis asks: Why did the Conservatives in 2008, and Liberal Democrats in 2010, embrace austerity? In the U.S.
Austerity: When It Works and When It Doesn't by Alberto Alesina, Carlo Favero, and Francesco Giavazzi (Princeton University Press, 2019).
AUSTERITY: WHEN IT WORKS AND WHEN IT DOESN'T ALBERTO ALESINA, CARLO FAVERO, AND FRANCESCO GIAVAZZI PRINCETON: PRINCETON UNIVERSITY PRESS, 2019, XVI + 245 PP.