The Wall Street Journal today chronicles the job losses associated with the looming defense cuts set to take effect due to sequestration next year. Defense manufacturers and those that make up the supply chain of the industry have publicly commented that the significant cuts will force them to lay off thousands of workers due to the billions of dollars in cuts that are required due to the Budget Control Act passed in the Summer of 2011 unless Congress and the Administration act.
The WSJ notes that, “Defense Secretary Leon Panetta has urged Congress to reverse the cuts, but industry observers say they don’t expect lawmakers to begin serious discussions over how to avoid the defense cuts until after the November elections.”
The specter of these lay-offs come on the heels of an incredibly weak May jobs report and a rise in the unemployment rate.
It is essential that Washington act as soon as possible to avoid these job-killing defense cuts. Employers must begin preparing for the required cuts now and the livelihoods of hundreds of thousands of workers rest in the hands of policymakers in Washington.
The House has taken action in order to protect these critically important jobs while the Senate and White House have yet to address the situation. Here at the NAM, we are committed to protecting these jobs and will continue to work to ensure that action is taken before it’s too late.
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