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Wed December 5, 2012
For The Aerospace Industry 'Fiscal Cliff' Represents A Red Alert
Originally published on Wed December 5, 2012 3:05 pm
It's red alert time for aerospace industry executives, workers and contractors.
As they mingled today at the Aerospace Industries Association's annual Year-End Outlook luncheon at a Washington Grand Hyatt, the bright red electronic digits kept counting down for them.
The ever-changing figures on the large digital clock, set up on the ballroom stage, reminded the roughly 300 luncheon participants of the time left before they feel the effects of massive, automatic cuts in government spending.
"Stop the clock," said a sign above the digits.
As silver forks started to pick at green salads, the clock's countdown digits read: "27 days 11 hours 10 minutes 5 seconds."
Aerospace workers may be facing huge layoffs if planned federal spending cuts go forward under a legal process known as sequestration. The cuts, including roughly $54 billion for U.S. national security spending, will commence in the new year unless Congress stops them during the complicated negotiations in progress on Capitol Hill.
Defense budgeting should not be reduced to a mere "political bargaining chip," AIA President and CEO Marion Blakey said. Her scarlet suit matched the red digits as she stood along side the countdown clock.
"It is far too easy to conclude that the companies, workers and communities that comprise this industry can withstand anything; that they can adapt to any change, no matter how sudden or harmful," she said.
Blakey labeled herself an optimist who believes Congress will solve this fiscal crisis and block the drastic cuts now set on autopilot. But even so, the "fiscal cliff" drama already has harmed her industry, and the nation, she says.
"What message did sequestration telegraph to the world about our country, our commitment to national security, our commitment to economic prosperity and our commitment to the next generation of defense and aerospace innovation?" she asked.