In a normal world, "austerity" would be the proper answer to the ills of an overspending government.
We do not live in a normal world. Austerity today means "do whatever you can in cutting benefits to the lower class so that banks can continue to reap the subsidies."
It is quite true that too many people live on too much support from government. But the biggest subsidies are to the banks and the various industries that partner with the state (military contractors, pharma / drug companies, etc.)
"Austerity" is targeting the welfare kings and queens, and others who live on the lower end of the economic scale. These groups are costing pennies, while the banks and others in partnership cost trillions.
The people in this case are right to fight against the form of the austerity being imposed.