The "slashing" will be felt mostly by able bodied recipients who are healthy and should be working and by illegal immigrants who shouldn't be here in the first place.
I am so curious how this is going to play out. Currently illegal immigrants are not eligible for Medicaid so something else would need to change besides the "funding". Here in CA there is some funding for kids and pregnant women, but the PR on taking this away might be ugly. I think most states don't even fund this.

If somebody is a "healthy able bodied recipient", their health care costs should be zero, so no savings there. OTOH, there is a class of people who take very expensive medications for specific diseases. In my circle I know of people with expensive Crones disease meds, and expensive meds for depression. If a person with either of these conditions lost access to their medication the results would be catastrophic. I suspect there are many other diseases that are similar.

There is a lot of "wishful thinking" here.
Alan