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Weldon Cooper: 10% federal workforce cut could cost Virginia about 40,000 jobs and $250 million in tax revenue
Summary
Eric Scorsone of UVA’s Weldon Cooper Center presented preliminary scenario modeling showing that a 10% reduction in federal civilian employment could erase about 40,000 net jobs and reduce state tax revenue by roughly $250 million; a 10% cut was also estimated to lower state GDP by about $6 billion in preliminary runs.
Eric Scorsone, executive director of the Weldon Cooper Center for Public Service at the University of Virginia, presented preliminary modeling for the committee showing economic and revenue scenarios tied to federal civilian employment reductions.
Scorsone said his center estimated that a 10% reduction in federal workforce could translate to…
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