Austerity refers to the government’s reduction of spending in order to lower their deficit. Austerity measures, which usually involve wage cuts and tax hikes, are implemented by the government to ensure their creditors that they will be able to pay back their loans.

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"Aerodynamically the bumblebee shouldn't be able to fly, but the bumblebee doesn't know that so it goes on flying anyway."
Mary Kay Ash
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