According to Collins Online Dictionary, “Austerity is a situation in which people’s living standards are reduced because of economic difficulties.” It is quite true in the case of Pakistan as well where living standards are falling briskly due to a woeful economic situation in the country.
There is a palpable sense of ‘austerity’ particularly among people belonging to middle and lower middle classes. Not only have a large number of them reduced the number of their daily meals to two from three or more, the public transport is increasingly crowded by them as many people are finding it extremely difficult to use their own cars or vehicles because of soaring fuel prices.
Reducing daily meals and travelling by public transport constitute a profound example of ‘austerity’. In fact, the current economic situation in the country requires all of us to adopt austerity measures or practices of simple living.
We need to reduce the number of possession we own, spend less on services, and spend less money.
Living simply means focusing more on the necessities than continually buying unnecessary stuff. The situation gives birth to the questions of economic inequality that we have failed to address thus far.
The situation also underscores the need for fiscal austerity, which means the government must strive to reduce current expenditure or spending and increase tax revenues in a meaningful manner. General public seems to have been doing its part, and it is now time for the caretakers to do theirs.
Hameed Lashari (Hyderabad)
Copyright Business Recorder, 2023
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