Austerity

Deficit Reduction

Deficit Reduction

The act of reducing the amount of debt incurred by a government, often achieved by increasing taxes or decreasing spending.

Austerity

The reduction of the welfare state, with tax reductions resulting in cuts to welfare programs

A policy approach aimed at reducing deficits by decreasing government spending, often resulting in cuts to welfare programs and public services.

Welfare State

The protective role of the state in providing social assistance, employment insurance, universal public health, and education to its citizens.

Distributional Consequences

The impact of austerity measures on different socioeconomic groups, with cuts disproportionately affecting the poor compared to the rich.

Marxist Lineage (distributional consequences of austerity)

The perspective that disadvantaged individuals who earn wages have less power compared to those who earn profits, highlighting the inherent inequality in the economic system.

Europe after 2008

Following the financial crisis, European countries faced large deficits and implemented austerity measures, resulting in cuts to healthcare, foreign aid, social housing, and income supports for the poor. Englands healthcare used to be seen as the world model

The Body Economic

A book that highlights the detrimental effects of austerity measures, including early deaths caused by poor housing and inadequate nutrition. due to the 2008 European Crisis

Things to be cut due to austerity

• Employment insurance

• Social assistance

• Universal public health

• Universal public education