austerity

Etymology

From Ancient Greek αὐστηρότης (austērótēs, “bitter, harsh”). Morphologically austere + -ity

noun

1. Severity of manners or life; extreme rigor or strictness; harsh discipline.
2. Freedom from adornment; plainness; severe simplicity.
   The war-torn first half of the 20th century, together with the railway grouping of 1923, ushered in further austerity in design. October 20 2021, Dr Joseph Brennan, “A key part of our diverse railway heritage”, in RAIL, number 942, page 56
3. (economics) A policy of deficit-cutting, which by definition requires lower spending, higher taxes, or both.
   He said France clearly wanted to "close one page and open another". He reiterated his opposition to austerity alone as the only way out of Europe's crisis: "My final duty, and I know I'm being watched from beyond our borders, is to put Europe back on the path of growth and employment." April 23, 2012, Angelique Chrisafis, “François Hollande on top but far right scores record result in French election”, in the Guardian
4. (obsolete) Sourness and harshness to the taste.