n pl -ties
1. the state or quality of being austere
2. (often plural) an austere habit, practice, or act
3. (Economics)
a. reduced availability of luxuries and consumer goods, esp when brought about by government policy
b. (as modifier) an austerity budget
Americans should remember that "austerity" means reducing our standard of living right now, especially for working parents and their children...
Sources:
Free Dictionary
Murray-West, R (2010, May 10), Prepare for the Age of Austerity, Telegraph.
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