Eventually, the government will have to cut it’s budget. These cuts are coming, but when?
By Andrea Shalal-Esa WASHINGTON | Thu Sep 20, 2012 7:33pm EDT
(Reuters) – Small businesses in the United States could lose nearly 1 million jobs in 2013 if federal lawmakers do not avert $1.2 trillion in across-the-board budget cuts due to begin taking effect in January, a new study showed.
The Aerospace Industries Association released a new analysis on Thursday that showed that small businesses with fewer than 500 employees would likely lose 956,181 jobs – or 45 percent of the 2.14 million total job losses expected across the United States if the additional budget cuts take effect.
“Nearly half of all sequestration job losses would come from small businesses,” said George Mason University economist Stephen Fuller, who has studied the jobs impact of the budget cuts for the largest aerospace and defense industry group.
Top Pentagon officials testified on Thursday before the House Armed Services Committee about the impact of an additional $500 billion in budget cuts — on top of $486 billion already being implemented — on U.S. national security and procurement.
Mike McCord, principal deputy undersecretary of defense, told a separate hearing by the House Small Business Committee that while the Pentagon remained committed to ensuring that small businesses got their fair share of procurement dollars, the overall pie would clearly be smaller.
“Sequestration would reduce our overall budget, forcing us to reduce purchases from businesses both large and small,” McCord told the committee. “9.4 percent less money means we would in general buy 9.4 percent less of everything.”
Defense industry executives have been railing against the across-the-board cuts for more than a year, warning that they would force the Pentagon to break thousands of contracts, resulting in billions of dollars in potential termination fees and other contract adjustments.
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Proprietary OC Housing News home purchase analysis
$859,000 …….. Asking Price
$370,000 ………. Purchase Price
10/15/1998 ………. Purchase Date
$489,000 ………. Gross Gain (Loss)
($29,600) ………… Commissions and Costs at 8%
$459,400 ………. Net Gain (Loss)
132.2% ………. Gross Percent Change
124.2% ………. Net Percent Change
6.1% ………… Annual Appreciation
Cost of Home Ownership
$859,000 …….. Asking Price
$171,800 ………… 20% Down Conventional
3.60% …………. Mortgage Interest Rate
30 ……………… Number of Years
$687,200 …….. Mortgage
$165,972 ………. Income Requirement
$3,124 ………… Monthly Mortgage Payment
$744 ………… Property Tax at 1.04%
$9 ………… Mello Roos & Special Taxes
$215 ………… Homeowners Insurance at 0.3%
$0 ………… Private Mortgage Insurance
$195 ………… Homeowners Association Fees
$4,288 ………. Monthly Cash Outlays
($702) ………. Tax Savings
($1,063) ………. Equity Hidden in Payment
$200 ………….. Lost Income to Down Payment
$127 ………….. Maintenance and Replacement Reserves
$2,851 ………. Monthly Cost of Ownership
Cash Acquisition Demands
$10,090 ………… Furnishing and Move In at 1% + $1,500
$10,090 ………… Closing Costs at 1% + $1,500
$6,872 ………… Interest Points
$171,800 ………… Down Payment
$198,852 ………. Total Cash Costs
$43,700 ………. Emergency Cash Reserves
$242,552 ………. Total Savings Needed
The property above is available for sale on the MLS.Contact us for a comparative market analysis, a cost of ownership analysis, or information on how you can make an offer today!
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