research paper on the American recovery and reinvestment act will stabilize the economy of the united states.
Need an research paper on the american recovery and reinvestment act will stabilize the economy of the united states. Needs to be 5 pages. Please no plagiarism. The ARRA of 2009 was enacted when the US GDP was constricting at an annual rate that was more than 6%. The employment level fell down approximately by 700000 jobs per month. The financial crisis in the US in 2009 had a greater effect upon the consumers and business confidence. There was a sharp decline in the household wealth and access to credits. These factors were affecting the economy of the US and it was necessary to improve the economy. The ARRA of 2009 with other policies was implemented to stabilize the financial system of the US and to aid in increasing credit, liquidity and stop the wave of foreclosure of the financial system. The ARRA was an inclusive policy in response to the economic chaos that had badly affected the US and other economies.
The ARRA provided $6 billion to the state and the local government as financial incentives for energy audits and retrofits. This was the attempt to allow homeowners to claim 30% tax credit for purchasing various items that save energy through 2010. A $5 billion was allotted for the purpose of nation’s modernization and to save consumers money. The bill of ARRA provided $40 billion for unemployment benefits, $14.2 billion to provide $250 to all the Social Security recipients. $3 billion was provided for the welfare payment that was temporary in nature and $3.95 billion was allocated for job training. For the employment services $400 million was provided. $500 million for accomplishing vocational training program for the disabled and $120 million for community service jobs for aged Americans.