Uncle Gary puts us straight on the continuing media usage and definition of the term austerity.
By the way, in case you struggle on the usage of one of his adjectives, as I did, here’s the definition of its related noun:
1. The branch of theology that is concerned with the end of the world or of humankind.
2. A belief or a doctrine concerning the ultimate or final things, such as death, the destiny of humanity, the Second Coming, or the Last Judgment.