THE CUTS HAVE come even for the word itself. “Austerity” is a cornerstone of conservatism—a catch-all term for limiting government spending to promote capitalist growth—and yet the expression seems to have disappeared from deficit hawks’ speeches. “I call it balancing the budget,” said German Chancellor Angela Merkel in 2013. “Everyone else is using this term ‘austerity.’ That makes it sound like something truly evil.”
Yes. That aura of
