austerity

Short definition from Wiktionary

Noun

1. 1
   Severity of manners or life; extreme rigor or strictness; harsh discipline.
2. 2
   Freedom from adornment; plainness; severe simplicity.
3. 3
   A policy of deficit-cutting, which by definition requires lower spending, higher taxes, or both.
4. 4
   Sourness and harshness to the taste.