NEW BEDFORD — After the November election, Democrats will push for a second economic stimulus package that includes money for the states' stalled infrastructure projects, along with help paying for healthcare expenses, food stamps and extended unemployment benefits, U.S. Rep. Barney Frank said Thursday.
In a meeting with the editorial board of The Standard-Times, Rep. Frank, D-Mass., also called for a 25 percent cut in military spending, saying the Pentagon has to start choosing from its many weapons programs, and that upper-income taxpayers are going to see an increase in what they are asked to pay."asked" to pay? The government is going to just take it. "Ask" is not an option.
What does that mean for Colorado?
DOD spending: $7.5 billion (US Census Bureau, “Consolidated Federal Funds Report For Fiscal Year 2007,” September 2008, p.22)
Major military bases: Ft. Carson, Peterson Air Force Base, Schriever Air Force Base, Cheyenne Mountain, Buckley Air Force Base (http://www.globalsecurity.org/military/facility/index.html)
The Peterson AFB complex (which includes the Cheyenne Mountain Air Station) employs almost 12,000 individuals and supports more than 5,000 jobs in surrounding communities. Each year, the Peterson AFB complex has a positive impact of more than $1.2 billion on the Colorado economy. (Dept. of the Air Force, “Peterson Complex Economic Impact Statement, FY07 (1 Oct. 06-30 Sep. 07),” 2007)
“The defense sector, including both active military and defense contractors, accounts for as much as 10% of our economic base,” Colorado Springs Economic Development Corp President Mike Kazmierski (Becky Hurley, “$3.6M of Defense Spending Pours Into Colorado,” Colorado Springs Business Journal, 09/15/2006)
Possible consequences for Colorado of Obama / Frank cuts in defense spending:
· Eliminating $1.9 billion in federal spending in Colorado
· Eliminating 4,250 jobs at Peterson Air Force Base and in surrounding communities
· Eliminating more than $260 million in economic activity associated with Peterson Air Force Base alone
· Cutting 25% of the defense workforce at companies like Lockheed Martin, ITT Industries, Northrop Grumman, Honeywell International, Harris Corp, B&M Torix, E&W Systems, Bryan Construction, AMI Industries, Intelligent Software Solutions, T Square Logistics Services Corp, and Janitell Childs Architects
· Closing either Ft. Carson, Peterson Air Force Base, Schriever Air Force Base, or Cheyenne Mountain
· 25% cut in Colorado National Guard and Air National Guard forces