The fearmongering is on. Here's a typical article, this one from the only daily newspaper in my hometown:
"Defense spending could face large loss from federal cuts"By: NATE DELESLINE III | Email address removed | 978-7243
"Published: September 17, 2012
"Charlottesville Daily Progress
"Charlottesville and Albemarle County could see a potential loss of $46.5 million in defense-related spending if federally mandated cuts, which are slated to start next year, come to fruition."
There are several ways in which this is misleading. First, "defense" here means military, whether or not defensive. Second, "cuts" in Washington-talk includes reductions in a budget from one year to the next, OR reductions from a desired dream-budget to a less-desired budget, even one that is an increase over last year's. For the past 13 years, military spending has grown to levels not seen since World War II. It's over half of federal discretionary spending, and as much as the rest of the world combined. The Pentagon's budget grew each year George W. Bush was president and the first three years that Barack Obama was president. It is being cut by 2.6% this year, not the 9% used to calculate a portion of that $46.5 million figure. If the mandated cuts mentioned above go through, the Pentagon will still be spending next year more than it did in 2006 at the height of the war on Iraq.
In addition, military contractors have been bringing in more federal dollars while cutting jobs. They employed fewer people in 2011 with bigger contracts than in 2006 with smaller ones. So the logic of bigger contracts = more jobs is essentially a bucket of hope and change.