Study: Across-the-Board Defense Cuts Could Cost 1 Million Jobs
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 job losses would probably include about 750,000 private-sector positions, including about 100,000 jobs in manufacturing, even as President Obama is promoting manufacturing as key to the nation's economic recovery.
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.