Say what you will about its appeal (or lack thereof) as fiscal policy, but the Top Word of 2010, according to Merriam-Webster, is austerity. The distinction is based on its popularity on the dictionary's Web site, and runners-up were pragmatic, moratorium, socialism, bigot, doppelgänger, shellacking, ebullient, dissident, and furtive. Try using all of those in a sentence.
It makes sense that readers might be confused by the suddenly ubiquitous term, more evocative of great aunts and catechism teachers than taxes and public-sector salaries. The Oxford English Dictionary—apologies, Merriam-Webster, but my heart belongs to one—lists the first definition as "harshness to the taste, astringent sourness." Then comes the common definition: "Harshness to the feelings; stern, rigorous, or severe treatment or demeanor; judicial severity." Only down at the bottom, in section 4b, does the OED get around to something approaching the 2010 vernacular: "Applied attrib., esp. during the war of 1939–45, to clothes, food, etc., in which non-essentials were reduced to a minimum as a war-time measure of economy."
That's not very helpful. So what is austerity, economically speaking? And why did it become so very prevalent in 2010?
Read on at http://www.slate.com/id/2278912/