Answer:
Basically, budget cuts in education deteriorate the level of the educational system of a country, harming its students, who will obtain a lower quality education and therefore have lower capacities to develop their future life.
Budget cuts in education imply a lower investment by the government in this area. These cuts imply a de-financing of the education system, which translates into lower supplies for students; the non-opening of new universities and schools or even closing some of them; the discontinuation of matters due to the inability to finance them; and the closure of scholarship and financial aid programs for low-income students, among many other implications.
This, in short, does nothing but harm the students of the country, through different damages.