The evidence builds about the catastrophic costs of sequestration–the automatic budget cuts, amounting to half a trillion dollars during the next decade, that will devastate the defense budget starting on Jan. 1 or actually even earlier because companies will have to start laying off workers in preparation.
The Bipartisan Policy Center in Washington has issued a new report under the authorship of former National Security Advisor General James Jones, former Chairman of the Senate Budget Committee Pete Domenici, and former Secretary of Agriculture Dan Glickman that finds that, if sequestration were to occur, the economy would lose more than a million jobs in 2013 and 2014. Glickman rightly described this as as a “reverse stimulus plan” and Domenici–known for being a fiscal, not a national security, hawk–called it a “fiasco.”
