And another thing; there is a cynical manipulation of this issue to make the public believe that the only solution to a fiscal deficit is to make cuts in public spending. Since most public spending is supposed to benefit the poorest (ha ha!) then the poor suffer most via this approach. There are two possible solutions of course; one is to cut, the other is to collect more tax. If you use a progressive (rather than regressive ) approach to taxation, then the rich pay proportionately more, and cuts are unnecessary. We could start by collecting the correct rate of tax from the wealthy, and look again at shifting from regressive taxes like VAT and into progressive ones, like income tax. And we could tax the crap out of the banks until their debt is repaid, and nationalise them if they refuse to cough up. Once nationalised, they could be forcibly broken up into proper local banks who, if they get into difficulty, can be allowed to go bust. (With this as a possibility, banks are less likely to gamble on dodgy risks; in the current scenario, they knew they couldn't lose).
With the vicious tossers we now have in power, the second approach was not contemplated, even for a second; no, the poorest must pay.