HARTFORD, Conn. (WTNH) -- The business community and political leaders are joining to say that compromise must be found because the sequester would ruin the state's economic recovery.
"The major damage that this so called 'sequester,' which is across the board, automatic, slashing, arbitrary cuts, would be on employment and economic growth," said Sen. Richard Blumenthal.
Everyone knows that jet engines for the military is a big part of the state economy. Thousands of jobs are supported by engine orders and repairs for several sophisticated military aircraft at Pratt & Whitney in East Hartford and Middletown.
And the other major 'United Technologies' defense contractor Sikorsky in Stratford.
Thousands more jobs are connected to the production of nuclear powered submarines at General Dynamics Electric Boat. The sequester would mean this work would all slow down and some orders would have to be cut, like the second sub in 2014.
"The estimates are, from George Mason University, 42-thousand jobs, direct and indirect job loss if the 'sequester' is fully implemented in this state," said Rep. Elizabeth Esty, 5th District.
Because of the danger to the economy, the head of the state's largest business organization joined with political leaders today urging both sides to compromise.
"This issue cannot be solved either on just the revenue side or on the spending side but there has to be an honest dialog, an honest compromise," said John Rathgeber the CEO of CT Business & Industry Association.
And job losses would be compounded by wage losses for many.
The White House says approximately 3-thousand civilian defense department employees at the sub base and at other miltary installations would start one day a week furloughs by the end of April.
At the same time, nearly 600 would start with one day off a week without pay in the Connecticut National Guard.
"We'd be looking at equipment training, equipment maintenance and also training as a whole in our operations," said Col. John Whitford, CT National Guard.
Hundreds of teachers and teachers' aides jobs would also be put at risk because large chunks of federal funding to cities and towns would stop.
Unless Congress and the President can get together on a compromise, 85 billion dollars in federal spending cuts will go in effect on Friday, about 3 billion in cuts here in Connecticut, 1 of the top 10 states in the nation for defense spending.
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binky6567 | February 25 2013 9:45pm
This sequester has been around for about a year now and the CT BUSINESS community waits till the last week to speak up???? Sorry folks where were you for the last year? Is it now time for CT to build some thing else besides weapons ?
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