Report: Mass. stands to lose 50,000 jobs
BOSTON—A new study says federal budget cuts could cost Massachusetts more than 50,000 jobs in the next decade, many in key sectors including defense, technology and health care.
The study by the Donahue Institute at the University of Massachusetts says the losses would "strike at the very heart" of the state's innovation economy.
Automatic across-the-board cuts are scheduled to start in 2013 unless Congress agrees to a better deal to lower the national debt. The cuts would reduce federal spending by $1.2 trillion over 10 years by slashing the defense budget and support for programs, including Medicare.
Martin Romitti, director of economic and public policy research at the Donahue Institute, tells The Boston Globe (http://b.globe.com/zjsrjS) that the job sectors that have made Massachusetts so strong are essentially underwritten by federal aid.
Information from: The Boston Globe, http://www.boston.com/globe