Paying for the reckless past.
The North West Development Agency announced pounds 52m worth of cuts, hitting everything from training programmes, to the expansion of Liverpool Science Park, to the city's exciting plans for a new Everyman Theatre as part of our legacy of Capital of Culture year.
Meanwhile, government proposals to slash funding for National Museums Liverpool has left the organisation having to contemplate such unpalatable measures as closing the city's wonderful Conservation Centre to the public.
But where should our anger be directed? Certainly not at the managers of these organisations, for whom having to make huge savings is not an option but a fact of life.
Do we blame the coalition government then? They are being criticised by some for the severity of the economy drive they are pursuing, and time will tell if they are right in taking such drastic action.
What is clear, however, is that whichever party had won the General Election in May would have had to tackle the nation's debt.
It is hard to escape the conclusion that the real target for our ire should be the bankers whose greed and recklessness landed the world in this mess, and who now seem to be back on the bonus-fuelled gravy train as the rest of us pay the price.
Those at the sharp end of making these savings will have to be imaginative, brave and entrepreneurial to salvage what they can of the threatened projects. And in that task, they deserve our sympathy and support.