DoD Sequestration News

This week in DoD sequestration news

| July 31, 2015

With only two months until the beginning of FY16, 52 percent of military households are still holding on to the belief that Congress will void sequestration before the scheduled return to the full budget cuts in October. Results of the June First Command Financial Behaviors Index® survey represent the first time that number has risen above 50 percent. Members of the House left yesterday for their August recess, and the Senate will be in session one more week before its members leave for the month. I bet next month’s Index numbers won’t be so high.  

As I mentioned in my post two weeks ago, 42 percent of these military families (senior NCOs and commissioned officers in pay grades E-6 and above with household incomes of at least $50,000) would like to see Congress repeal the caps on all spending, while 38 percent believe only the defense spending caps should be lifted. Fifty-two percent of those surveyed approve of the way Congress is handling its job, much higher than the 7 percent of civilians who approve.  

This optimism does not offset military families’ continued anxiety about defense spending cuts and sequestration, with 70 percent feeling extremely or very anxious. Job security concerns also remain high, with 57 percent at least somewhat concerned about their job security over the coming months. That’s up 9 percentage points from the May survey. Military families are dealing with these concerns by taking financial preparedness actions like increasing savings and cutting back on every day spending. They continue to hold their heads high and hope for the best, while at the same time taking steps to prepare for smaller defense budgets in FY16 and beyond.

 



Credit Card Balance

Are you overspending?

| July 27, 2015

Before financial crisis hits, there are normally several warning signs. Here are some indicators that you’re overspending:

Too many credit cards. You probably want to have at least one credit card for emergencies and for times when you’d rather not carry cash.

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DoD Sequestration News

This week in DoD sequestration news

| July 24, 2015

It’s been a relatively quiet week in terms of any new sequestration-related stories. President Obama continues to say he will veto defense budget bills if Congress does not lift sequestration on other agencies.

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Job security and healthcare costs most concerning to servicemembers

| July 20, 2015

Military families continue to feel anxious about defense spending cuts and sequestration, with 70 percent indicating feeling extremely/very anxious in the latest First Command Financial Behaviors Index® survey.

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DoD Sequestration News

This week in DoD sequestration news

| July 17, 2015

Military families continue to feel anxious about defense spending cuts and sequestration, with 70 percent indicating feeling extremely/very anxious in the latest First Command Financial Behaviors Index® survey.

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DoD Sequestration News

This week in DoD sequestration news

| July 10, 2015

Army Drawdown

Army plans to drawdown the force from 490,000 to 450,000 by 2017, with an additional 17,000 civilian layoffs, are receiving great criticism from members of Congress. Rep.

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DoD Sequestration News

This week in DoD sequestration news

| July 3, 2015

Military families are still more convinced than general population families that Congress will void the sequestration-related budget cuts before the 2016 fiscal year. Latest results from the First Command Financial Behaviors Index® show that 43 percent of military families believe that Congress will void sequestration versus only 15 percent of gen pop.

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DoD Sequestration News

This week in DoD sequestration news

| June 26, 2015

Deputy Defense Secretary Bob Work on Monday said he believes sequestration will be avoided via a Congressional budget deal, due largely in part to President Obama’s threats that he will veto spending bills that keep sequestration-level funding in place for defense and nondefense spending.

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Redux-2015-final

To REDUX or not to REDUX?

| June 22, 2015

It is common these days for sponsors of pension plans to seek ways to make their commitments to plan members less expensive. One way to reduce the cost of a long-term pension obligation is to offer a participant some money today in exchange for less money tomorrow.

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DoD Sequestration News

This week in DoD sequestration news

| June 19, 2015

Military families continue to report high anxiety over cuts to the defense budget, with 66 percent of those surveyed in the latest First Command Financial Behaviors Index® feeling extremely or very anxious.

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