Industry: sequestration would cut 2 million American jobs
The Aerospace Industries Association has teamed with organizations from every sector of the United States economy in a letter calling on Congress to avoid the sequestration cuts, which are scheduled to take effect March 1.
Letters from the Aerospace Industries Association, NDD United and the Task Force on American Innovation urging immediate action were sent to President Obama and congressional leadership, with copies going to every member of Congress.
The associations make up more than 3,500 member companies.
“The danger that sequestration poses to the economy and our national security cannot be overstated,” said Aerospace Industries Association President and CEO Marion Blakey. “More than two million jobs are at stake from all sectors. Sequestration affects all Americans and we must pull together to set it aside.”
The groups quoted a study by Dr. Stephen Fuller of George Mason University, who said the sequestration budget cuts would cost 2.14 million jobs, including 1.05 million from spending reductions at domestic discretionary agencies and 1.09 million from DOD spending reductions.
These losses would fall across all job descriptions from manufacturing to retail, from professional business services to federal workers and from researchers to nurses. Small businesses would be hit particularly hard, losing more than 956,000 jobs.
“Our nation needs a balanced, strategic approach to its fiscal challenges. The indiscriminate budget cutting required by sequestration is not the answer,” said Wes Bush, Northrop Grumman chairman, chief executive officer and president. “We urge Congress and the Administration to work to together on a solution to avoid sequestration’s devastating impacts on the nation’s security, economy, all aspects of the federal government, as well as research and education that drives innovation in our country.”