In economics, austerity's when a national government reduces its spending in order to pay back creditors. Austerity's usually required when a government's fiscal deficit spending's felt to be unsustainable. Development projects, welfare programs and other social spending are common areas of spending for cuts. In many countries, austerity measures have been associated with short-term standard of living declines until economic conditions improved once fiscal balance was achieved (such as in the U… (More on Austerity)