You wouldn't get fat though. Short term it could be a good weight loss diet.
I wouldn't call that a good weight loss diet. But it's a good way to develop Lean Diabetes from all that constant sugar inflow, muscle loss and bone density loss from the very low protein and extreme calorie deficit, and hormonal imbalances from the very low fat.
Not to mention the artificial food dyes in fruit loops and other breakfast cereals which have been banned in many countries because of their association with neurological and behavioral issues in multiple studies.
And don't get me started on the industrially processed seed ("vegetable") hydrogenated oils found in fruit loops and many other breakfast cereals.
If I were low income today, I would eat sardines in water at around $1 per can and eggs at around $2 per dozen. Being poor in the US or any other developed country is no excuse to eat junk.