Defense Cuts Threaten the Future of Many U.S. Manufacturing Jobs

09/14/12 -  National Association of Manufacturers (NAM) President and CEO Jay Timmons issued this statement after the White House released its report detailing the defense cuts set to take place due to sequestration at the beginning of 2013.

“Today’s report confirms the devastating impact of sequestration on manufacturers up and down the supply chain. The failures of Congress and the Administration have led us to the brink of these damaging cuts. Budgets are about priorities, and the number-one priority of the federal government must be to provide a national defense. In failing to come to a sensible agreement on the debt crisis, policymakers have placed both our national and economic security at risk. After months of disappointing jobs reports and indications that our minimal economic growth is grinding to a halt, it is a risk that we can’t afford to take.

An NAM study confirmed that the pending across-the-board cuts in defense spending will cost more than 1 million jobs by 2014 and will deal an irreversible blow to manufacturing in the United States. A recent survey showed that the number of manufacturers who have a negative outlook on the future of their business has doubled in the past three months, and the looming defense cuts are a major reason behind their attitudes. They need action from Washington that will stop these cuts and protect spending that leads to economic growth.”