Dickens
What is so depressing about this is that there will be numbers of elderly pensioners who are living the last few years of their lives.
Those who are just above the PC limit can look forward to their remaining years with little joy or pleasure knowing that when the economy is finally 'stabilised' (I think that's the word the government us using) - they will be gone - because all they have to look forward to, is more of the same... as we've been told things are going to get worse before they get better.
A failing NHS which may not be able to support them when they need it; community care which is in a similar state, rising energy bills and other costs. So they will be penny-pinching for what is left of their lives. That's it, that's their lot. Of course, if they are lucky, they will be surrounded by a loving family - but that's very often not the case.
Most of us can tolerate a period of personal austerity if there's a brighter future - but if you are facing impoverishment until the day you die, with little or no emotional or financial support, it's just bloody bleak.
That's how I see it, Dickens. At 65, I am not quite there yet, but my health isn't great, I still don't have a state pension, and who knows what the future holds? I am a classic 'squeezed middler'. We have inherited nothing, have worked since our teens and have lived fairly frugally, but less so than many, I realise. We own a fairly average house, have occupational pensions, some savings and no dependent children, but who knows what we will need to spend before turning up our toes?
I don't want to spend money from savings in case we need it later, but at the same time am aware that anything we hang onto can be taken away if we need care, and I can't help resenting that when I know that some of what we could be charged will be used to pay for the care of those who have spent far more than we have before it was deemed to be 'deprivation of assets'. That really does rankle, as does the fact that so many women of my generation chose not to work but get given what people like me will have to pay for. It's less of a big deal to me than it may seem on here, when it only comes up in discussions like these - I don't spend any time thinking about it nine days out of ten 
My mother's generation, who in many ways had things a lot easier (one salary being enough to support a family, LA housing with low rents and lifetime tenancies for those who needed it, widows inheriting their husbands' pensions, women retiring at 60, high levels of MIRAS, free higher education for their children etc) is now at the age where the cuts are really biting. My aunt is very frail now, and is spending a fortune on in-house carers that my grandmother's generation got free, along with free social care. There is no free dentistry, chiropody, ear wax treatment etc, all of which they are used to having, and they complain like mad, as it's human nature to resent having things taken away - far more than never having had them in the first place.
My generation will never know any of that, and could well have to do without free travel passes and other concessionary things that we've already had postponed by six years or more.
It's not cheery, but at least we're prepared, I suppose
.
For those with a sense of humour in adversity, here's John Cooper Clarke's take on the matter - Trigger Warning For Profanity
www.youtube.com/watch?v=6LRFYJ1-aIA