Print journalism is so 20th century. The paper often boasts of its very modern and massive online presence. In revenue terms, that puts the Guardian on more or less the same level as a blog. Online content doesn't generate cash, but it is costly to produce, that is, unless you are a blogger like me and willing to write for free.
The Guardian has another more immediate problem; it has always generated large revenues from its jobs pages. It has a virtual monopoly on public sector job adverts. Some unkind souls might even describe this revenue source as an implicit government subsidy, but let us not delve too deeply into that contentious and unproven accusation.
However it might be characterised, it is a revenue item that can go only one way; downward. Fiscal austerity means public sector downsizing. Fewer government jobs means no job ads and zero revenues for the Guardian. Fiscal consolidation is very bad news for the Guardian.
Understandably, the paper has been campaigning strongly against those cruel government cuts. What was the phrase they used this week? Ah yes, fiscal barbarism. The metaphor works for me; I can see fiscal austerity as a hairy Barbarian, welding an nasty looking axe, and chopping the Guardian up into tiny little bits.