Thursday, September 27, 2012

U.S. Defense Contractors Are Starting To Cut Jobs

FILE: April 10, 2010: An Army UH-60 Black Hawk helicopter practices landing aboard the USS Underwood off the coast of Honduras. (U.S. Navy)

Black Hawk Maker Cuts Jobs As Contractors, Lawmakers Fret Over Defense Cuts -- FOX News

Sikorsky Aircraft Corp. – maker of the Black Hawk helicopter – has announced the elimination of 570 jobs, becoming the most recent defense contractor to announce financial struggles amid tightened defense spending and the potential for drastic cutbacks in January.

The Pentagon plans to cut $487 billion from its budget over the next decade, but contractors and lawmakers alike are alarmed about a separate wave of cuts that could begin Jan. 2 unless Congress and the White House team up to avert them.

The Sikorsky cuts are set to go into effect Dec. 31 when the company closes its upstate New York plant and sends the work to its facility in West Palm Beach, Fla.

Read more ....

My Comment: I suspect that these cuts are just the tip of the iceberg .... and if sequestration occurs at the beginning of 2013, these cuts will end up gouging defense contractors and their workforce. But with 40 cents of every dollar that the government now spends is borrowed cash .... options are fast becoming limited.


No comments:

Post a Comment