Austerity

In economic policy, austerity is a set of political-economic policies that aim to reduce government budget deficits through spending cuts, tax increases, or a combination of both. There are three primary types of austerity measures: higher taxes to fund spending, raising taxes while cutting spending, and lower taxes and lower government spending. Austerity measures are often used by governments that find it difficult to borrow or meet their existing obligations to pay back loans. The measures are meant to reduce the budget deficit by bringing government revenues closer to expenditures. Propone

negotiations between employers and a group of employees

economic crisis in Cuba after the collapse of the Soviet Union

American economist

opposition to austerity measures, especially in Europe

closure of high profile government symbols or services to spotlight budget cuts

period (1949–1959) during which food and other goods were rationed

1985-1992 economic plan in Argentina