This is an interesting report. It's from America, which has it's own problems today, and was published back in 2012 but it makes some good observations about the false economy (and harm to individuals) of austerity.
As it might be a TL/DR for some, I've copy pasted the beginning.
Many governments in Europe, either of their own volition or at the behest of the international financial institutions, have adopted stringent austerity policies in response to the financial crisis. By contrast, the USA launched a financial stimulus.
The results of these experiments are now clear: the American economy is growing and those European countries adopting austerity, including the UK, Ireland, Greece, Portugal and Spain, are stagnating and struggling to repay rising debts.
An initial recovery in the UK was halted once austerity measures hit.
However, austerity has been not only an economic failure, but also a health failure, with increasing numbers of suicides and, where cuts in health budgets are being imposed, increasing numbers of people being unable to access care
And of course when people can't access timely and effective care (not only health, but also social care, decent housing, DV support, non-punitive benefits system, well-run child maintenance system, job education and training opportunities) they end up more unwell, less able to work - and in need of more expensive and more long-term financial, health, and other care and support.
https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4952125/