Here is the definition of "austerity" from dictionary.com:
(1) austere quality; severity of manner, life, etc; sternnessIs this really "austerity"? Sure, the governments are cutting, cutting, cutting. But is it more than that? Can cutting to the 99% and giving to the 1% really be called "austerity"? What's a better word for it?
(2) strict economy
(3) reduced availability of luxuries and consumer goods, esp when brought about by government policy
I'm leaning towards thievery. What do you think? Share your thoughts!