We're committed to austerity, it seems, and the Keynesian impacts of that are rather obvious. It'll be a further drag on the economy. There are distributional impacts of recession, of course, with those with greater wealth (especially) and better education less affected than those without. There are also the direct impacts of the cuts themselves, hitting government workers, necessary government functions, and of course needed government programs. Going forward the best we can hope for, apparently, is less bad austerity. But austerity it is!