Is "Austerity" the most Appropriate Word?

As governments around the world and in the United States cut back programs for the lower and middle classes while cutting taxes and bailing out the super wealthy, the word "austerity" is being used to describe the situation. 

Here is the definition of "austerity" from dictionary.com:

(1) austere quality; severity of manner, life, etc; sternness
(2) strict economy

(3) reduced availability of luxuries and consumer goods, esp when brought about by government policy

 Is 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?

I'm leaning towards thievery.  What do you think?  Share your thoughts!

PEACE