Report: Mass. Could Lose 50,000 Jobs Due To Federal Budget Cuts

09:45

February 28, 2012

Massachusetts is facing a possible loss of 50,000 jobs over the next 10 years.

The losses would come as a result of proposed federal budget cuts that are targeting the Pentagon. For example, President Obama’s current proposed budget would trim more than half a trillion dollars in defense spending over the next 10 years.

If Congress fails to reach a deal to trim country's deficit by January 2013, it could trigger over a $1 trillion in automatic cuts.

Martin Romitti, the director of Donahue Institute at the University of Massachusetts, authored a recent report titled "Federal Budget Cuts Could Reverse Massachusetts Recovery."

Romitti points out that Massachusetts currently ranks fifth in the nation in defense contractor spending and a large cut in those funds could have a huge effect on the local economy.

Guest:

Martin Romitti, director, University of Massachusetts Donahue Institute

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This segment aired on February 28, 2012.