Sequestration’s impact Albany economy - WALB.com, South Georgia News, Weather, Sports

Sequestration’s impact Albany economy

ALBANY, GA (WALB) -

One week from Friday, massive federal spending cuts will go into effect, if Congress can't reach a deal.

One economist says Albany would take a big hit from sequestration.

Without a budget agreement, $55-billion in mandatory defense cuts and $54-billion in non-defensive cuts over 10-years would begin next week.

Some experts say across the board cuts that deep would cripple the nation's economy.

Darton State Economics professor Aaron Johnson says Albany may feel the effects more than most cities. 

"A lot of these cuts are going to impact low income households, the ones that are most vulnerable. It's going to hit seniors much more than any other segment and I think our community is going to be impacted worse than other communities," said Johnson.

Albany could also take a big hit because those major defense cuts would hurt the Marine Corps Logistics Base which is one of the area's largest employers and a major economic engine for South Georgia.

Businesses that depend on MCLB are concerned about the looming cuts.

Aaron Johnson says some contractors could lose their jobs, but he doesn't think the impact at the Marine Base would be as severe as at many other base's in the country.

The manager of one bar near MCLB worries any cuts there could hurt her business.

"I think it's going to have a great impact on us. We get a lot of business from people at the base and if they cut these people's job we're likely not to see them, so that's definitely going to hurt our business. Hopefully they can keep their jobs so we can keep ours," said Benchwarmers manager Melissa Cyree.

She says many regulars at Benchwarmers are base employees and new workers at the base often check out her bar.

She worries that could end if the base endures major cuts.

Copyright 2013 WALB.  All rights reserved.  

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