Chicago's budget crisis, explained
By Grace Del Vecchio, Kelly Garcia, Corli Jay and F. Amanda Tugade
Austerity is when a government creates a set of economic policies to control its growing public debt through spending cuts and reducing public benefits. These policies often include fees and fines to increase government revenue and balance budgets, according to the Center for Law and Social Policy. They typically include increasing property or corporate taxes, slashing government programs, laying off city employees, and privatizing public services.
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