> Austerity occurs when the cost of government borrowing becomes so high governments are would be functionally unable to operate in the medium term without brin

> Austerity occurs when the cost of government borrowing becomes so high governments are would be functionally unable to operate in the medium term without brining it down. That is not why austerity happens, at least in recent history: * https://en.wikipedia.org/wiki/Austerity:_The_History_of_a_Dangerous_Idea https://en.wikipedia.org/wiki/Austerity:_The_History_of_a_Da... During the 2010s, when rates were at an all-time low, Very Serious People were going on and on about "expansionary austerity" to boost the economy: * https://en.wikipedia.org/wiki/Expansionary_fiscal_contraction https://en.wikipedia.org/wiki/Expansionary_fiscal_contractio...