The New York Times
Feb. 4, 2013
With enormous struggle, the sluggish economy managed to create 2.2 million jobs last year. But beginning at the end of this month, at least half that amount — more than a million jobs — will start to disappear because of a mindless government austerity program that no one in Washington seems able to stop...
The Bipartisan Policy Center, a respected independent group, said at least a million jobs will be lost this year and next because of the slowdown caused by withdrawing so much money from the economy. The Congressional Budget Office says up to 1.4 million jobs are at stake.
This isn’t fortune telling; the effect of the coming sequester was already evident in last week’s announcement that the economy actually contracted during the final quarter of 2012. Much of the decline was directly due to the 22 percent reduction in spending by the Pentagon and military contractors in anticipation of the sequester’s effects.
Read the full editorial here
Economic Policy Project