On October 23, GMU Center for Regional Analysis (CRA) Director Stephen Fuller briefed the Fairfax County Economic Advisory Commission on the potential impact of sequestration on the county. He forecast that Fairfax County would lose $4.6 billion in federal spending as a result of sequestration of about $1 trillion in federal spending. This would cost Fairfax 8.4% of its projected gross county product for 2013, some $8.7 billion, and would translate in to the loss of 87,000 jobs or 13.4% of the county's total workforce.
In reporting on the meeting, the Washington Post noted the broad impact of the potential cuts:
. . . In his presentation to the commission, Fuller called sequestration a “poison pill” and warned that if Congress doesn’t reach a deal to avoid the reductions, they will drive the nation into an economic recession. In Fairfax, he said, the effects would be felt by everyone — shopping centers, hair salons, landlords, restaurants — in ways that few are even considering.
“It will show up everywhere,” he said. “A lot of workers don’t even know” that their jobs are dependent on federal spending. . . .Click here to see the entire Fuller presentation.
No comments:
Post a Comment
Your comments are welcome and encouraged as long as they are relevant, constructive, and decent.