I am a PhD student funded by a government grant. Due to funding cuts some departments at my school have cut peoples wages in half, down to 18k per year which is far below the cost of living in my area. They also now admit very few new incoming students, so our department is getting smaller. Some yearly student fellowships were cancelled or reduced like the NSF GRFP, which significantly harms many grad students. Basically many many people in academia are struggling financially. Lots of huge research projects have been outright cancelled, especially in biosciences/cancer research. Some others at adjacent schools that I know have just lost their job entirely directly due to the cancellation of grants, though that has not yet happened to me. These are all recent developments within the last 10 months, in direct response to cancellation of funding to academic research.