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Jul 05

More sightings of the word “austerity” in headlines (it exists almost nowhere else)

government-great-fiction-bastiat

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).