Advertisement

Header Utility Menu

  • Subscribe
  • Advertise
  • Contact Us
  • Events

LinkedIn Facebook Twitter Instagram Get Our App

  • Login

Virginia Business

Mobile Menu

  • Issues
  • Industries
    • Banking/Finances
    • Law
    • Real Estate
    • Economic Development
    • Education
    • Energy/Green
    • Federal Contracting
    • Government
    • Healthcare
    • Hotels/Tourism
    • Insurance
    • Ports/Trade
    • Small Business
    • Startups
    • Technology
    • Transportation
  • Regions
    • Central Virginia
    • Eastern Virginia
    • Northern Virginia
    • Roanoke/New River Valley
    • Shenandoah Valley
    • Southern Virginia
    • Southwest Virginia
  • Reports
    • Best Places to Work
    • Business Person of the Year
    • CEO Pay
    • COVID-19
    • Generous Virginians Project
    • Legal Elite
    • Most Influential Virginians
    • Maritime Guide
    • Site Locator
    • The Big Book
    • Virginia CFO Awards
  • Company News
    • For the Record
    • People
  • Opinion
  • Lists
  • Awards/Events
    • 2022 Virginia Business Political Roundtable
    • Women in Leadership
    • Diversity Leadership Series
    • Virginia 500
    • Legal Elite
    • CFO Awards
    • Big Book of Lists
    • 100 People To Meet
    • Best Places To Work
  • Virginia 500
    • Read The Issue
    • Power Up Virginia 500
    • Buy an award plaque
    • Suggest execs for 2023

Advertisement

Header Primary Menu

  • Issues
    • February 2023
    • January 2023
    • December 2022
    • November 2022
    • October 2022
    • Issues Archive
  • Industries
    • Banking/Finances
    • Law
    • Real Estate
    • Economic Development
    • Education
    • Energy/Green
    • Federal Contracting
    • Government
    • Healthcare
    • Hotels/Tourism
    • Insurance
    • Ports/Trade
    • Small Business
    • Startups
    • Technology
    • Transportation
  • Regions
    • Central Virginia
    • Eastern Virginia
    • Northern Virginia
    • Roanoke/New River Valley
    • Shenandoah Valley
    • Southern Virginia
    • Southwest Virginia
  • Reports
    • Best Places to Work
    • Business Person of the Year
    • CEO Pay
    • COVID-19
    • Generous Virginians Project
    • Legal Elite
    • Most Influential Virginians
    • Maritime Guide
    • Site Locator
    • The Big Book
    • Virginia CFO Awards
  • Company News
    • For the Record
    • People
  • Opinion
  • Lists
  • Awards/Events
    • 2022 Virginia Business Political Roundtable
    • Women in Leadership
    • Diversity Leadership Series
    • Virginia 500
    • Legal Elite
    • CFO Awards
    • Big Book of Lists
    • 100 People To Meet
    • Best Places To Work
  • Virginia 500
    • Read The Issue
    • Power Up Virginia 500
    • Buy an award plaque
    • Suggest execs for 2023

Home Opinion feedback Economist lowers Virginia sequestration job loss estimate

Economist lowers Virginia sequestration job loss estimate

Published April 26, 2013 by Virginia Business

An influential Virginia economist has revised his forecast on the effects of sequestration, saying that it will cost Virginia fewer jobs than originally expected.

News Stephen Fuller, director of the Center for Regional Analysis at George Mason University, predicts the automatic federal budget cuts that went into effect March 1 will eliminate 154,118 jobs in the Old Dominion. That figure is 26 percent lower than the 207,571 job losses Fuller predicted in a study released last July.

Fuller’s original figure has been widely quoted, including a Virginia Business cover story on sequestration last October and an editor’s column in the April issue.

Fuller’s latest report, released March 27, still shows Virginia and California bearing the brunt of job losses caused by sequestration, 20.4 percent of an expected 1.58 million jobs nationwide. Fuller had earlier predicted U.S. job losses to total 2.14 million.

The new report says sequestration will reduce the nation’s gross domestic product (GDP) this year by 1 percentage point, $158 billion, and decrease personal earnings by $80.5 billion this year.  The original estimates were a $215 billion drop in GDP and a $109.4 billion decline in personal earnings.

The economist’s revised forecast results in part from the delay in implementing sequestration, from Jan. 1 to March 1, caused by Congress’ passage of the American Taxpayer Relief Act at the beginning of the year. In addition to delaying the budget cuts, the law also continued Bush-era tax cuts for taxpayers except those earning more than $400,000 a year. For that group, the top marginal tax rate rose from 35 percent to 39.6 percent.

Fuller’s new report says that the budget cuts that went into effect on March 1 totaled $85.4 billion, less than originally expected. Cuts will be greater in the next fiscal year, $110 billion, the report says.
The revised analysis also takes into account the fact that federal agencies plan to furlough employees rather than terminate them in order to accommodate budget cuts. 

Related Stories

Virginia Business logo

Alabama company, HDL swap lawsuits

Virginia Business logo

Followups – March 2015

Virginia Business logo

Freshman Democrats’ bills languish in General Assembly

Trending

13th annual Best Places to Work

Making strides

It’s back!

After the crisis

Fort Monroe development moving forward

Sponsored Stories

Working at Pinnacle Financial Partners

What Logistics issues will have the biggest impact on you in 2023?

In the New Year, Aim for Better Cybersecurity

4 innovative ways to create capacity

WHERE IS THE SUPPLY CHAIN WHEN YOU NEED IT?

P.A.I.N.T. Your Financial Mountain

5 Benefits of Treasury Management Services from Atlantic Union Bank

Blazing trails in the digital landscape

Advertisement

Advertisement

Trending

13th annual Best Places to Work

Making strides

It’s back!

After the crisis

Fort Monroe development moving forward

Sponsored Stories

Working at Pinnacle Financial Partners

What Logistics issues will have the biggest impact on you in 2023?

In the New Year, Aim for Better Cybersecurity

4 innovative ways to create capacity

WHERE IS THE SUPPLY CHAIN WHEN YOU NEED IT?

P.A.I.N.T. Your Financial Mountain

5 Benefits of Treasury Management Services from Atlantic Union Bank

Blazing trails in the digital landscape

Get Virginia Business directly on your tablet or in your mailbox!

Subscribe to Virginia Business

Advertisement

Advertisement

Footer Primary Menu

  • virginiabusiness.com
  • Subscribe
  • Advertise
  • About Us
  • Contact Us

Footer Secondary Menu

  • Industries
  • Regions
  • Reports
  • Company News
  • Events

Sign Up For Our Newsletter

Sign Up

LinkedIn Facebook Twitter Instagram Get Our App

Privacy Policy Cookie Policy

Footer Utility Menu

Copyright © 2023 Virginia Business. All rights reserved.

Site Maintained by TechArk