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- Austerity abstract "In economics, austerity describes policies used by governments to reduce budget deficits during adverse economic conditions. These policies may include spending cuts, tax increases, or a mixture of the two. Austerity policies may be attempts to demonstrate governments' fiscal discipline to their creditors and credit rating agencies by bringing revenues closer to expenditures; they may also be politically or ideologically driven.In macroeconomics, reducing government deficits generally increases unemployment in the short run. This increases safety net spending and reduces tax revenues, partially offsetting the austerity measures. Government spending contributes to gross domestic product (GDP), so reducing spending may result in a higher debt-to-GDP ratio, a key measure of the debt burden carried by a country and its citizens. Higher short-term deficit spending (stimulus) contributes to GDP growth particularly when consumers and businesses are unwilling or unable to spend. This is because crowding out (i.e., rising interest rates as government bids against business for a finite amount of savings, slowing the economy) is less of a factor in a downturn, as there may be a surplus of savings.There are other views contrary to traditional macroeconomic theory. Under the controversial theory of expansionary fiscal contraction (EFC), a major reduction in government spending can change future expectations about taxes and government spending, encouraging private consumption and resulting in overall economic expansion.In the aftermath of the Great Recession, austerity results in Europe have been as predicted by macroeconomics, with unemployment rising to record levels and debt-to-GDP ratios rising, despite reductions in budget deficits relative to GDP. Eurostat reported that unemployment in the 17 Euro area countries (EA17) reached record levels in March 2013, at 12.1%, up from 11.0% in March 2012 and 10.3% in March 2011; and that the overall debt-to-GDP ratio for the EA17 was 70.1% in 2008, 80.0% in 2009, 85.4% in 2010, 87.3% in 2011, and 90.6% in 2012. Further, real GDP in the EA17 declined for six straight quarters from Q4 2011 to Q1 2013. The U.S. Congressional Budget Office estimated in August 2012 that if the U.S. implemented moderate austerity measures, the unemployment rate would rise by over 1% and economic growth would be significantly reduced in 2013. The U.S. partially avoided the "fiscal cliff" through the American Taxpayer Relief Act of 2012. U.S. unemployment has fallen steadily from a peak of 10% in early 2010 to 7.6% by March 2013.".
- Austerity wikiPageExternalLink 17.
- Austerity wikiPageExternalLink the-austerity-delusion.
- Austerity wikiPageExternalLink wp1301.pdf.
- Austerity wikiPageExternalLink how-case-austerity-has-crumbled.
- Austerity wikiPageExternalLink how-austerity-kills.html?pagewanted=all&_r=0.
- Austerity wikiPageExternalLink 0.
- Austerity wikiPageExternalLink panic-driven-austerity-eurozone-and-its-implications.
- Austerity wikiPageExternalLink watch?v=Bczer-1QwNU.
- Austerity wikiPageID "684037".
- Austerity wikiPageRevisionID "604312196".
- Austerity date "October 2011".
- Austerity hasPhotoCollection Austerity.
- Austerity postText "for future year".
- Austerity subject Category:Austerity.
- Austerity subject Category:Fiscal_policy.
- Austerity subject Category:Macroeconomics.
- Austerity subject Category:Public_finance.
- Austerity comment "In economics, austerity describes policies used by governments to reduce budget deficits during adverse economic conditions. These policies may include spending cuts, tax increases, or a mixture of the two.".
- Austerity label "Austeridad económica".
- Austerity label "Austeridade".
- Austerity label "Austerity".
- Austerity label "Austerità".
- Austerity label "Austerität".
- Austerity label "Bezuinigen".
- Austerity label "Politique de rigueur".
- Austerity label "Политика жёсткой экономии".
- Austerity label "تقشف".
- Austerity sameAs Austerität.
- Austerity sameAs Austeridad_económica.
- Austerity sameAs Politique_de_rigueur.
- Austerity sameAs Austerità.
- Austerity sameAs Bezuinigen.
- Austerity sameAs Austeridade.
- Austerity sameAs m.032qyr.
- Austerity sameAs Q2814650.
- Austerity sameAs Q2814650.
- Austerity wasDerivedFrom Austerity?oldid=604312196.
- Austerity isPrimaryTopicOf Austerity.