What is a period of austerity?

A period of austerity refers to a time when a government or organization implements strict financial measures to reduce budget deficits, often resulting in reduced public spending, increased taxes, and cuts to social services. These measures are typically enacted in response to economic crises or high national debt. While intended to stabilize the economy, austerity can lead to significant social and economic challenges, including increased unemployment and public discontent. The impacts often vary based on the specific context and implementation of the policies.