Friday, October 28, 2011

Taiwan F-16 ban might cost US economy US$1 trillion - Wendell Minnick

Wendell Minnick
The decision by the US administration to ban the sale of F-16's to Taiwan might cost the US economy US$1 trillion, according to a US analysis, writes defense expert Wendell Minnick in Defense News. Taiwan lobbyists find here new ammunition against the ban.

Wendell Minnick:
Stephen Fuller, director of the Center for Regional Analysis at George Mason University, and Economic Modeling Specialists Inc. (EMSI) conducted the analysis

"Our analysis reveals bleak outcomes for both the defense industry and the economy as a whole if the budget sequestration trigger is pulled and $1 trillion is cut from defense," Fuller said. 
"Dr. Fuller and EMSI's study shows the dramatic and devastating impact these cuts would have not only on our industry but on the economy at large," AIA President and CEO Marion Blakey said. "We cannot add .6 percent to the current 9.1 percent rate of unemployment. It would devastate the economy and the defense industrial base and undermine the national security of our country," she said. The report does not mention Taiwan or F-16 fighter production, but it does conclude from an overall analysis that 1 million U.S. jobs would be at risk and the gross domestic product could be lowered by 25 percent for 2013 if the U.S. defense budget sustained the current cuts being proposed.
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