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Nothing I see substantiates the huge outcry that hundreds of thousands of jobs will be lost.
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Perhaps not directly, but the knock on effect will be serious. If I get laid off as a defense worker, I'm not going to buy that new Chebby, get my shirts drycleaned , or go to movies and fine dining. The supplier where I was sending the USG's money is going to whack someone, and the same will apply downstream. It really doesn't take the loss of many decent paying jobs to upset the apple cart in this fragile economy.