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Author: Michael Grabell Publisher: PublicAffairs ISBN: 1610390105 Category : Political Science Languages : en Pages : 414
Book Description
The 2012 presidential campaign will, above all else, be a referendum on the Obama administration's handling of the financial crisis, recalling the period when Obama's "audacity of hope" met the austerity of reality. Central to this is the ''American Recovery and Reinvestment Act of 2009'' -- the largest economic recovery plan in American history. Senator Mitch McConnell gave a taste of the enormity of the money committed: if you had spent 1 million a day since Jesus was born, it still would not add up to the price tag of the stimulus package. A nearly entirely partisan piece of legislation -- Democrats voted for it, Republicans against -- the story of how the bill was passed and, more importantly, how the money was spent and to what effect, is known barely at all. Stepping outside the political fray, ProPublica's Michael Grabell offers a perceptive, balanced, and dramatic story of what happened to the tax payers' money, pursuing the big question through behind-the-scenes interviews and on-the-ground reporting in more than a dozen states across the country.
Author: Michael Grabell Publisher: PublicAffairs ISBN: 1610390105 Category : Political Science Languages : en Pages : 414
Book Description
The 2012 presidential campaign will, above all else, be a referendum on the Obama administration's handling of the financial crisis, recalling the period when Obama's "audacity of hope" met the austerity of reality. Central to this is the ''American Recovery and Reinvestment Act of 2009'' -- the largest economic recovery plan in American history. Senator Mitch McConnell gave a taste of the enormity of the money committed: if you had spent 1 million a day since Jesus was born, it still would not add up to the price tag of the stimulus package. A nearly entirely partisan piece of legislation -- Democrats voted for it, Republicans against -- the story of how the bill was passed and, more importantly, how the money was spent and to what effect, is known barely at all. Stepping outside the political fray, ProPublica's Michael Grabell offers a perceptive, balanced, and dramatic story of what happened to the tax payers' money, pursuing the big question through behind-the-scenes interviews and on-the-ground reporting in more than a dozen states across the country.
Author: Jeffrey R. Brown Publisher: University of Chicago Press ISBN: 022620183X Category : Business & Economics Languages : en Pages : 343
Book Description
The recent financial crisis had a profound effect on both public and private universities. Universities responded to these stresses in different ways. This volume presents new evidence on the nature of these responses and how the incentives and constraints facing different institutions affected their behavior.
Author: Mr.Michael Kumhof Publisher: International Monetary Fund ISBN: 1451874014 Category : Business & Economics Languages : en Pages : 42
Book Description
This paper uses the IMF's Global Integrated Monetary and Fiscal Model to compute shortrun multipliers of fiscal stimulus measures and long-run crowding-out effects of higher debt. Multipliers of two-year stimulus range from 0.2 to 2.2 depending on the fiscal instrument, the extent of monetary accommodation and the presence of a financial accelerator mechanism. A permanent 0.5 percentage point increase in the U.S. deficit to GDP ratio raises the U.S. tax burden and world real interest rates in the long run, thereby reducing U.S. and rest of the world output by 0.3-0.6 and 0.2 percent, respectively.
Author: Michael Palser Publisher: Michael Palser ISBN: 1393426832 Category : Business & Economics Languages : en Pages :
Book Description
We can take a small sliver of our disposable income and funnel it together to stimulate and strengthen our economy’s most vital component: consumer spending. We could take some of our spare change to build up our economy. This Program ensures stimulus each week effectively, efficiently, and without any political bias. The American Stimulus Program will put cold hard cash into the hands of hundreds of thousands of Americans each week! What if the money to drive America’s economy did not dry up during economic declines? What if there was a constant influx of currency to the American people that was not an artificial stimulus created by the Federal Government? How could we do that, and what would it look like? The answer is the American Stimulus Program!
Author: Laurence Seidman Publisher: Oxford University Press ISBN: 0190462183 Category : Political Science Languages : en Pages : 249
Book Description
Recessions are a recurring phenomenon and there are repeated debates about how to combat them when the crisis hits and after the economy begins to grow again. Laurence Seidman argues that currently we are not ready to combat the next recession. A recession involves a plunge in aggregate demand for goods and services which compels producers to cut production and employment. Fortunately, a large boost in demand can be achieved by a large fiscal stimulus-primarily a temporary large increase in tax rebates for households plus several fiscal supplements. But fiscal stimulus has always involved a large increase in government debt, something Congress understandably resists. The assumption that a large fiscal stimulus requires an increase in government debt is false, Seidman asserts in this thought-provoking book. In fact, it is astonishingly easy to implement even a very large fiscal stimulus without any increase in government debt. All it takes is for Congress to enact a fiscal stimulus and the Federal Reserve to make a transfer (not loan) to the Treasury roughly equal to the fiscal stimulus so the Treasury doesn't have to borrow. Stimulus-without-debt consists of a transfer (not loan) from the Federal Reserve to the Treasury so that the Treasury does not have to borrow to finance fiscal stimulus enacted by Congress. Seidman explains all aspects of this new way to combat recession, "stimulus-without-debt." He presents evidence that fiscal stimulus works in a recession-it increases aggregate demand which stimulates production and employment. He explains why the fiscal stimulus should consist primarily of tax rebates for households plus several fiscal supplements. His analysis covers basic foundations as well as implications for inflation, central banks, and how to address secular stagnation. When the next recession hits, we will be ready to combat it if we know how to use fiscal stimulus without increasing government debt. Seidman shows us how.
Author: Publisher: ISBN: Category : Business cycles Languages : en Pages : 0
Book Description
The National Bureau of Economic Research (NBER), in December 2008, declared the economy in recession since December 2007. With the worsening performance of the economy beginning in September 2008, Congress passed and President Obama signed a much larger stimulus package composed of spending and tax cuts. The American Recovery and Reinvestment Act of 2009 (ARRA, P.L. 111-5), a $787 billion package with $286 billion in tax cuts and the remainder in spending, was signed into law on February 17, 2009. It includes spending for infrastructure, unemployment benefits, and food stamps, revenue sharing with the states, middle class tax cuts, and business tax cuts. Also in 2008 and 2009, the government intervened in specific financial markets by providing financial assistance to troubled firms and enacting legislation granting authority to the Treasury Department to purchase $700 billion in assets. The broad intervention into the financial markets was passed to avoid the spread of financial instability into the broader market; but there are disadvantages, including leaving the government holding large amounts of mortgage debt. The need for additional fiscal stimulus depends on the state of the economy. Growth rates, measured by gross domestic product (GDP), after two strong quarters, were 2.1% in the fourth quarter of 2007, slightly negative in the first quarter of 2008, positive in the second quarter, a negative 2.7% in the third quarter, and a negative 5.4% in the fourth quarter. The contraction of GDP continued into 2009, with a decrease by 6.4% in the first quarter and a second quarter fall of 0.7%. However, after four consecutive quarters of decline, revised 2009 third quarter estimates indicate a real GDP increase of 2.8%.
Author: John J. Heim Publisher: Springer Nature ISBN: 3030656756 Category : Business & Economics Languages : en Pages : 577
Book Description
This book offers a series of statistical tests to determine if the “crowd out” problem, known to hinder the effectiveness of Keynesian economic stimulus programs, can be overcome by monetary programs. It concludes there are programs that can do this, specifically “accommodative monetary policy.” They were not used to any great extent prior to the Quantitative Easing program in 2008, causing the failure of many fiscal stimulus programs through no fault of their own. The book includes exhaustive statistical tests to prove this point. There is also a policy analysis section of the book. It examines how effectively the Federal Reserve’s anti-crowd out programs have actually worked, to the extent they were undertaken at all. It finds statistical evidence that using commercial and savings banks instead of investment banks when implementing accommodating monetary policy would have markedly improved their effectiveness. This volume, with its companion volume Why Fiscal Stimulus Programs Fail, Volume 2: Statistical Tests Comparing Monetary Policy to Growth, provides 1000 separate statistical tests on the US economy to prove these assertions.
Author: Jason DeParle Publisher: Penguin ISBN: 0143111191 Category : History Languages : en Pages : 402
Book Description
One of The Washington Post's 10 Best Books of the Year "A remarkable book...indispensable."--The Boston Globe "A sweeping, deeply reported tale of international migration...DeParle's understanding of migration is refreshingly clear-eyed and nuanced."--The New York Times "This is epic reporting, nonfiction on a whole other level...One of the best books on immigration written in a generation."--Matthew Desmond, author of Evicted The definitive chronicle of our new age of global migration, told through the multi-generational saga of a Filipino family, by a veteran New York Times reporter and two-time Pulitzer Prize finalist. When Jason DeParle moved into the Manila slums with Tita Comodas and her family three decades ago, he never imagined his reporting on them would span three generations and turn into the defining chronicle of a new age--the age of global migration. In a monumental book that gives new meaning to "immersion journalism," DeParle paints an intimate portrait of an unforgettable family as they endure years of sacrifice and separation, willing themselves out of shantytown poverty into a new global middle class. At the heart of the story is Tita's daughter, Rosalie. Beating the odds, she struggles through nursing school and works her way across the Middle East until a Texas hospital fulfills her dreams with a job offer in the States. Migration is changing the world--reordering politics, economics, and cultures across the globe. With nearly 45 million immigrants in the United States, few issues are as polarizing. But if the politics of immigration is broken, immigration itself--tens of millions of people gathered from every corner of the globe--remains an underappreciated American success. Expertly combining the personal and panoramic, DeParle presents a family saga and a global phenomenon. Restarting her life in Galveston, Rosalie brings her reluctant husband and three young children with whom she has rarely lived. They must learn to become a family, even as they learn a new country. Ordinary and extraordinary at once, their journey is a twenty-first-century classic, rendered in gripping detail.
Author: Michael Grabell
Author: Michael Grabell
Author: 
Author: Jeffrey R. Brown
Author: United States. Congress. Senate. Committee on Finance
Author: Mr.Michael Kumhof
Author: Michael Palser
Author: Laurence Seidman
Author: 
Author: John J. Heim
Author: Jason DeParle