Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Study projects automatic cuts could cost US 1 million jobs
The Hill ^ | - 06/07/12 10:41 AM ET | Erik Wasson

Posted on 06/07/2012 11:02:19 AM PDT by Ernest_at_the_Beach

Automatic across-the-board cuts to the budget set for Jan. 2 will cost the United States 1 million jobs, according to a new study released Thursday by the Bipartisan Policy Center (BPC).

The job-loss projection comes from cuts to defense and non-defense spending.

The BPC predicts gross domestic product will decline by 0.5 percent if the full $109 billion defense and non-defense sequester goes through.

The base defense and intelligence budget will be cut by $55 billion or 15 percent on Jan. 2, when politically sensitive war funding is stripped from the equation, the group said. It warned of a massive disruption in the defense supply chain that could spark massive contract litigation.

"This is a reverse stimulus plan. That's what we are talking about here," BPC task force member and former Agriculture Secretary Dan Glickman said.

BPC task force member Maj. Gen. Arnold Punaro told reporters that the effects of the sequester are already being felt as defense contractors reduce inventory.

Punaro said that major public companies, in their second-quarter earnings forecasts, out in July, will have to lower expectation based on the sequester.

"This is not rational at all," he said.

(Excerpt) Read more at thehill.com ...


TOPICS: Business/Economy; Foreign Affairs; Government; News/Current Events
KEYWORDS: defense; economy; military; sequester; sequestereconomy
Navigation: use the links below to view more comments.
first previous 1-2021-24 last
To: Ernest_at_the_Beach
Automatic across-the-board cuts to the budget set for Jan. 2 will cost the United States 1 million jobs, according to a new study released Thursday by the Bipartisan Policy Center (BPC).

If it does, then the loss of 1 million jobs in the public sector will then create 2 million jobs in the private sector.

21 posted on 06/07/2012 1:25:45 PM PDT by Uncle Chip
[ Post Reply | Private Reply | To 1 | View Replies]

To: Ernest_at_the_Beach
"This is a reverse stimulus plan. That's what we are talking about here," BPC task force member and former Agriculture Secretary Dan Glickman said.

Considering that the "stimulus" plan provided unemployment an increased debt, then a reverse is exactly what's needed

22 posted on 06/07/2012 3:21:26 PM PDT by from occupied ga (Your government is your most dangerous enemy)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Ernest_at_the_Beach
This is a foolish argument. If the Defense budget is cut, then it is the impact on national defense that matters -- not the number of people employed. Jobs created by government spending are still a drain on the private economy stunting its growth -- even if you do approve of the product.
23 posted on 06/07/2012 3:46:47 PM PDT by BfloGuy (The final outcome of the credit expansion is general impoverishment.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: dfwgator

There’s key jobs, engineering and design and upgrades that will be affected by this. Troops, too. Just ask your neighbors who work in defense dept adjuncts.

Never assume that our DoD elites are on our side. They’re lining up to be the leaders of the Civilian National Security Force when the SHTF. And it will.

This is not a good scenario. And if you think “sequestration” will not revert back to its original meaning of seizure of property, you haven’t been paying attention to Chairman Barry’s land grabs. “Imminent Domain” on the fast-track. There’s already plans in place to replace your 401k dollars with T-Bonds.

/tinfoil hat (but, still . . .)


24 posted on 08/21/2012 9:27:18 AM PDT by JoanVarga ("Yes We Can" It's not just a slogan. It's a threat.)
[ Post Reply | Private Reply | To 10 | View Replies]


Navigation: use the links below to view more comments.
first previous 1-2021-24 last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson