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| 1 |
ID:
124645
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2013.
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| Summary/Abstract |
On March 1, 2013, the U.S. Department of Defense lost $37 billion overnight to sequestration. The cut marked the first wave of a series of planned cutbacks that will shrink future budgets across the federal government by about $1 trillion over nine years. The reductions had been set in motion back in 2011, when a special "super committee" established by the Budget Control Act (BCA) failed to reach a deficit-reduction agreement, triggering automatic cuts designed to punish both parties. Unlike other budget cuts, sequestration is implemented across the board, taking the same percentage bite out of every account. Except for the decision to spare the military personnel account that provides the pay for the United States' men and women in uniform, defense leaders had no choice about where to take the 2013 cuts. And so, with just seven months left in the fiscal year, sequestration abruptly erased about eight percent of the the Pentagon's budget for the year.
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| 2 |
ID:
126581
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2013.
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| Summary/Abstract |
This paper argues that a fundamental failing in the debate on the decline of American economic power is not taking globalization seriously. With the rise of transnational corporations (TNCs), transnational modular production networks, and the globalization of corporate ownership, we can no longer give the same relevance to national accounts such as balance of trade and GDP in the twenty-first century as we did in the mid-twentieth. Rather, we must summon data on the TNCs themselves to encompass their transnational operations. This will reveal, for example, that despite the declining global share of United States GDP from 40% in 1960 to below a quarter from 2008 onward, American corporations continue to dominate sector after sector. In fact, in certain advanced sectors such as aerospace and software-even in financial services-American dominance has increased since 2008. There are no serious contenders, including China. By looking at the wrong data, many have failed to see that American economic power has not declined-it has globalized.
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| 3 |
ID:
126752
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2013.
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| Summary/Abstract |
America's strategy has become increasingly budget-driven in the face of ongoing cuts, culminating in the sequester. As a result, fewer funds are, and will be, available for critical operations, notably exercises and training with foreign forces that are the key both to strengthening alliances and partnerships and to deterring current and potential adversaries. That Washington continues to revise its defense strategy virtually on an annual basis has further undermined its credibility worldwide. Given its long-standing global interests, and uncertainty regarding when and where it might again have to commit forces to defend them, the United States must reinvigorate its efforts to streamline the Defense Department so as to maintain its global posture in the face of budget pressures. Measures to improve defense efficiency include reductions in the civilian and contractor work forces, overhaul of the military medical and retirement systems, and repeal of anachronistic laws that foster waste in defense acquisition.
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