Fwd: Across-the-board defense cuts could cost 1 million jobs

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From: Leader of 71 <lesjulia1@gmail.com>
Date: Sat, 23 Jun 2012 13:17:16 -0700 (PDT)
Subject: Across-the-board defense cuts could cost 1 million jobs
To: opendebateforum@googlegroups.com



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Study: Across-the-board defense cuts could cost 1 million jobsBy Lori
Montgomery<http://www.washingtonpost.com/lori-montgomery/2011/03/04/ABffwuN_page.html>
,Published: June 21

Across-the-board budget cuts
<http://www.washingtonpost.com/business/economy/taxmageddon-sparks-rising-anxiety/2012/05/14/gIQAUxAAQU_story.html>set
to hit the Pentagon in January would destroy nearly 1 million jobs by 2014,
with Virginia, California and Texas absorbing the biggest hits, according
to an analysis released Thursday by the National Association of
Manufacturers.

The job losses would probably include about 750,000 private-sector
positions, including about 100,000 jobs in manufacturing, even as President
Obama is promoting manufacturing as key to the nation's economic recovery.

The report is the latest in a growing heap
ofstudies<http://www.washingtonpost.com/business/economy/study-across-the-board-defense-cuts-could-cost-1-million-jobs/2012/06/21/gJQAxnTmtV_print.html#>
warning
of dire economic
consequences<http://www.washingtonpost.com/business/economy/cbo-taxmageddon-would-throw-us-back-into-recession/2012/05/22/gIQAblvliU_story.html>
if
policymakers fail to avert about $100 billion in cuts to the Pentagon and
non-defense programs<http://www.washingtonpost.com/business/economy/study-across-the-board-defense-cuts-could-cost-1-million-jobs/2012/06/21/gJQAxnTmtV_print.html#>
next
year. The cuts, known as a budget "sequester," were adopted last summer as
part of a deal to rein in the soaring national debt.

In recent weeks, separate analyses by George Mason
University<http://www.washingtonpost.com/business/economy/study-across-the-board-defense-cuts-could-cost-1-million-jobs/2012/06/21/gJQAxnTmtV_print.html#>,
the Bipartisan Policy Center and the aerospace industry have reached
similar conclusions about the impact of the cuts on jobs and unemployment.
More studies are undoubtedly on the way. On Thursday, the Senate approved a
bipartisan plan
<http://www.washingtonpost.com/blogs/2chambers/post/as-senate-approves-farm-bill-lawmakers-agree-to-ask-for-more-details-on-impact-of-automatic-budget-cuts/2012/06/21/gJQAFkBCtV_blog.html>to
require the Obama administration to say how it would implement the cuts and
to detail the impact on the Pentagon and other federal agencies. If the
measure passes the House, a report on the defense reductions would be due
in August.

The defense cuts are of particular concern to manufacturers — not just big
defense contractors such as Boeing and Lockheed Martin but also hundreds of
smaller firms in their supply chains. The NAM
study<http://www.washingtonpost.com/business/economy/study-across-the-board-defense-cuts-could-cost-1-million-jobs/2012/06/21/gJQAxnTmtV_print.html#>,
which was conducted by the Interindustry Forecasting Project at the
University of Maryland, projects that the aerospace industry could lose
3.4 percent of its jobs by 2015 because of downsizing at the Pentagon.
Shipbuilders could shed 3.3 percent of their workforce by 2014. And the
search and navigation equipment industry could see employment drop by
nearly 10 percent by 2016.

Taken together, the January cuts and defense cuts already required under
budget caps approved last summer could cost the nation as many as
1.1 million jobs by the end of 2014, the peak year for job losses,
according to study projections.

California, Virginia and Texas would suffer the most, with each state
shedding more than 100,000 jobs. The study predicts that Florida, New York,
Maryland, Georgia, Illinois, Pennsylvania and North Carolina would round
out the top 10.

Increasingly panicky industry representatives are lobbying Congress to
block the cuts, as well as a massive tax increase that is also set to hit
in January as the George W. Bush-era tax cuts expire.

NAM representatives went to Capitol Hill on Thursday with a delegation that
included Barry DuVal, the president of the Virginia Chamber of Commerce,
who declared that one out of five jobs in Virginia is connected to defense.
They also took Della Williams, the chief executive of Williams-Pyro Inc., a
five-decade-old Fort Worth firm that makes an array of products for the
military.

Williams said that she isn't laying off people yet but that her 92
employees are growing increasingly nervous about working in an industry
that they view as "a sinking ship." Although the federal government needs
to balance the budget, she said, "sequestration is surgery with a chain
saw."

**

© The Washington Post Company


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