This is a drop in the bucket. Sequestration will result in hundreds of thousands of layoffs. And even if the fiscal cliff is avoided, our national defense is going to be gutted by cuts in the budget already announced.
The new normal for the American worker in several industries, including retail, hospitality, and restaurants, will undoubtedly be the rise of the part-time worker. Already, more than 8 million Americans are working part time despite wanting a full-time job. This number will accelerate dramatically as companies rush to adjust the hours of their workforce so that they can avoid some of the costs associated with Obamacare.
Other businesses will likely just give up and shut down. Increased taxes, increased regulation, Obamacare, and the prospect of who knows what a second Obama term will bring will likely combine to drive thousands of small companies out of business.
Nice “plan” you got there, Barry.