It will only result in job losses because Obama didn't take the advice of the debt reduction council; Harry Reid didn't put the House solution uo for a vote (twice); and finally, Obama demanded tax increases in return for spending cuts, then sat on his ass and did nothing to formulate "smart cuts" (which is actually only a reduction in the future growth of spending).
There doesn't need to be a single layoff (not that there shouldn't be a reduction in the size of the federal government). Here's my motto "Attrition and contrition". Freeze wages and when non-essential personnel retire, do not replace them. If we allowed energy development and got rid of all the over-regulations of that industry, the economy would be at full employment in two short years.
What you have noted is the process begun by industry in the late 90’s.
Offer buyouts and early retirement, get rid of the alcoholics,
deadwood and superfluous. Induce people to work.
Rather than indoctrinate 4 year olds, pare the ranks of teaching and makework administrators. Pay for graduate degrees in Chemistry or Math, but not Educational Process Mutualization or Theoretical Classroom Blackboard Decoration .