The Washington Post
June 21, 2012
Across-the-board budget cuts 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 report is the latest in a growing heap of studies warning of dire economic consequences if policymakers fail to avert about $100 billion in cuts to the Pentagon and non-defense programs 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, 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 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.
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Economic Policy Project, Foreign Policy Project