March 28, 2012
A new analysis released this morning from UMR projects the negative impact of the looming budget sequestration on our nation’s critical life sciences sector, should Congress fails to prevent the automatic, across-the-board spending cuts by year’s end.
A 7.8 percent cut in funding for research supported by the National Institutes of Health (NIH), the percentage cut calculated by the Congressional Budget Office, would result in 33,000 fewer jobs across the U.S. and a $4.5 billion decrease in economic activity.
In reaction to the new data, Carrie Wolinetz, Ph.D., president of UMR said:
“A nearly eight percent cut would jeopardize high-quality jobs in the life sciences sector and result in a massive step backwards for biomedical research in the United States. A cut of this magnitude would be disastrous to the hopes of patients and their families and would erode the life sciences enterprise which counts on adequate annual funding to fuel the next generation of biomedical research advancements.”