An austerity measure is an official action taken by a government in order to reduce the amount of money that it spends on its citizens. Following the worldwide credit crisis of 2008, austerity measures became popular with high-debt governments. For countries with a high debt-to-GDP ratio, austerity measures often become a necessity. Examples of government austerity measures include an increase in the official retirement age (to reduce government retirement payments), a reduction in the number of days garbage is picked up (to reduce municipality costs), and a reduction in school days for children (to reduce government employee costs).
Following the Example: Eight Rounds of Money Printing Later, Japan Falls into Recession for the Fifth Time