The word “austerity” means cuts in government payroll, welfare or other spending.
Many opinion writers–and even a few “journalists”–write that there is “austerity” going on in various places. Rarely do they point to any specific events.
Here is a recent example. A Huffington Post writer named Dean Baker claims in a headline that “Bill Gates Could Fund Huge XPrize To End Austerity in Europe.”
Is there “austerity” going on in Europe? Anywhere?
“Austerity” is like “deregulation.” It is often invoked; but rarely seen (no matter how desperately it is needed).