[quote=deadzone]…That said, if there actually were to be major defense cuts, those of you who belive it will have no affect on local real estate are incredibly naive. You clearly don’t realize how many local jobs are reliant directly or indirectly on defense spending. It’s not just active duty troops or Spawar or viasat employees. for every lost job, there is a multiplier affect when that person moves out of the area or spends less due to loss of income.
…TO suggest defense cuts won’t affect real estate because “most defense workers own their home outright” is non-sense. YOu have no evidence to prove that most defense workers own their homes outright, you pulled that out of your ass. Even if 100% of defense workers who lost their jobs did own their home outright, the fact is that their income stream would go down considerably. That will affect how much they spend in the local economy, affecting local business.[/quote]
deadzone, as usual, you skimmed over my post and didn’t read it correctly. I never said any of those things. I stated that those able to “retire” would do so and go home to their homes in SD that they’ve owned for many years.
Whether or not they still have a mortgage is immaterial.
I don’t know about the Port District pension plans, but after 30 years on the job as a Federal worker, their monthly pensions will equal or nearly equal the DOD paychecks they will be leaving behind. And even the 20 to 30-year Federal employee who is at least 59.5 years old can withdraw from their Thrift Savings Plan to supplement their Federal pensions.
I’ve known LOTS of these workers in my lifetime and am currently living around a few and can safely say that they’re ALL doing fine and are still SD consumers and are not going anywhere.