July 1, 2012
ONE MILLION WOULD BE A DECENT START:
1 Million Defense Jobs at Risk by 2014 (Stacy Curtin, Jun 27, 2012, Yahoo! Daily Ticker)
[L]ittle discussion has been given to the direct impact on jobs, particularly in the defense sector, which will suffer from half of the budget cuts. The $500 billion cut to defense spending would be phased in over 10 years with $55 billion to take effect next year.A recent study by the National Association of Manufacturers (NAM), a lobbying and advocacy group, found that more than 1 million private sector jobs could be lost by 2014 due to fiscal constraints. The proposed job cuts would increase the national unemployment rate by 0.7 percent and decrease Gross Domestic Product by nearly 1 percent, according to NAM.Lockheed Martin (LMT) recently warned that the majority of its 100,000-plus workforce is at risk of being laid off due to the federal budget cuts to defense; however, the defense contractor said it would ultimately reduce just a small percentage of its workforce after the cuts took effect. Other defense companies will likely follow suit in cutting back on labor costs.
Remember, if you're on the Right, government checks to government employees are a waste of money, but government checks to defense employees are vital, and vice versa for the Left.
The argument here, that defense is nothing more than a jobs boondoggle, is too honest for its own good.
Posted by Orrin Judd at July 1, 2012 9:18 AM
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