The Norman Transcript

Government

January 4, 2013

State treasurer releases year-end economic report

(Continued)

NORMAN —

Miller said the biggest problem with spending cuts that would be started in two months if no further agreement is reached is that they disregard entitlements.

“Unfortunately with sequestration, the cuts are heavily weighted toward defense spending when the real problem, entitlement spending, is largely ignored,” he said.

“A strong defense is critical to our nation’s security and our state’s economy. Studies show Oklahoma could lose up to 20,000 jobs, including 4,000 military positions, if sequestration is triggered.

“This would be devastating to Oklahoma and can be avoided if Congress implements strategic, rather than across-the-board, spending cuts.”

Looking forward: During the past 12 months, figures from the Oklahoma Employment Security Commission and Bureau of Labor Statistics show that the number of jobs grew by almost 60,000, while the labor force grew by just less than 42,000. During that time, the unemployment rate dropped from 6.3 percent to 5.2 percent.

The Mid-America Business Conditions Index anticipates that Oklahoma’s economy will continue its expansion this year. The survey shows that Oklahoma has among the best performing economies in the nine-state region, including in job creation during the last year and in anticipated overall growth in the coming year.

 

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