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austerity

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noun [uncountable] austerity pronunciation in American English /ɔˈsterəti/
  1. 1
    an economic policy by which a government reduces the amount of money it spends by a large amount
    austerity measures/policies/programs
    Synonyms and related words
  2. 3
    the quality or fact of being plain, strict, simple, or severe
    a life of prayer, austerity, and poverty

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