Interestingly, I'm currently reading a book on the history of austerity and the author shows how worker councils were a thing in the UK during and immediately after WW1; however, austerity was put in place to systematically prioritize capital and the minority capital class over working class people. Lest that sound slightly conspiratorial the author cites specific memos and comments from the Treasury at the time that make that point explicit. They simply insisted that working class would have to "sacrifice" so that the system of capital could be restored. The interests of capital was always prioritized; it was all that mattered. People were expected to be more productive, consume less, and earn less.