Economic Stimulus 101
Posted March 12, 2009
“[The crisis] started in financial markets… and we are now in a nervous part of the recession.”
⊕ Launch video
“It’s not just a financial crisis, it’s a much deeper crisis of our economic system.”
⊕ Launch video
“You need to make a distinction between the gross expenditure and the net effect on government budgets.”
⊕ Launch video
“It breaks up into three broad categories: tax cuts, aid, and direct spending by government.”
⊕ Launch video
“There’s just little bits of money going all over the place; a lot of this money isn’t being spent any time this year.”
⊕ Launch video
State and local governments must operate under a balanced budget, which leads to many cuts in a bad economy.
⊕ Launch video
“I was a little disappointed to see that there’s been a pull-back from the aid to state and local governments.”
⊕ Launch video
“At least to the extent that it will slow the bleeding. We’re applying a tourniquet right now.”
⊕ Launch video
“The real net benefit comes if we actually make [workers] produce something that is useful.”
⊕ Launch video
“If I were young, I would pick industries that are young now and will be bigger in the future.”
⊕ Launch video
Can we spend our way out of a bad economy? Explore the costs, benefits and impacts.
$787
billion
Total value of the American Recovery and Reinvestment Act signed into law by President Obama on Feb. 17, 2009.
Note: Adobe Flash is required to view the videos. Download it here.
Basic Overview
Professors describe the background of the economic crisis and stimulus plan:
“[The crisis] started in financial markets… and we are now in a nervous part of the recession.”
⊕ Launch video
“It’s not just a financial crisis, it’s a much deeper crisis of our economic system.”
⊕ Launch video
Where is all this money coming from?
“You need to make a distinction between the gross expenditure and the net effect on government budgets.”
⊕ Launch video
And where is the money going to? What’s in the bill?
“It breaks up into three broad categories: tax cuts, aid, and direct spending by government.”
⊕ Launch video
“There’s just little bits of money going all over the place; a lot of this money isn’t being spent any time this year.”
⊕ Launch video
What is the effect on state and local budgets and spending?
State and local governments must operate under a balanced budget, which leads to many cuts in a bad economy.
⊕ Launch video
“I was a little disappointed to see that there’s been a pull-back from the aid to state and local governments.”
⊕ Launch video
Unemployment
Will the stimulus plan help reverse the trend in rising unemployment? Does it matter where we put people to work?
“At least to the extent that it will slow the bleeding. We’re applying a tourniquet right now.”
⊕ Launch video
“The real net benefit comes if we actually make [workers] produce something that is useful.”
⊕ Launch video
Which industries have been hit hardest by job losses? Which industries show the most promise?
“If I were young, I would pick industries that are young now and will be bigger in the future.”
⊕ Launch video
Produced by Jackie Hai, Richard Caesar and Frank Godinho, AmherstWire.com.
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“I just got the idea like I really want to meet everyone in my ward, or everyone that I would represent,” said Jarrett. “Especially with issues of climate change and wealth inequality, we’re not seeing action on a national level. We’re not seeing enough action on the state level, and so municipalities are the ones that need to take the lead.”
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