Download or read book Why Did the American Recovery and Reinvestment Act ARRA Fail Or Did It written by L. Jan Reid and published by . This book was released on 2015 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt: The United States Congress approved the American Recovery and Reinvestment Act (ARRA) on February 13, 2009. U.S. President Barack Obama signed the bill into law on February 17, 2009. ARRA was passed in response to widespread fears that the United States was in danger of slipping into a 1930s-style economic depression. After ARRA was enacted, related economic debate centered on tax reductions versus direct federal-government spending. Old arguments resurfaced about the effectiveness of the “New Deal” programs instituted by U.S. President Franklin Roosevelt; the 1936-1938 recession; and the theoretical views of both Keynesian and neoclassical economists.Since ARRA was passed, a number of economists have criticized the effectiveness of the stimulus program. Criticisms have ranged from arguments that “the stimulus was too small to be effective” to assertions of ARRA's failure to address the shortage of qualified workers in the labor force.I briefly review some of these arguments and conduct empirical tests to determine their validity.
Download or read book The End of an ARRA written by Carl Vogel and published by . This book was released on 2011 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the winter of 2009, with more than 1.4 million job losses in the first two months of the year, the federal government passed the American Recovery and Reinvestment Act (ARRA) into law as a way to quickly inject liquidity into a stalling economy and maintain critical services that would allow individuals and communities to survive through the recession. At first glance, New York City made out pretty well. More than $7 billion in Recovery Act funds went to programs benefiting New York City residents, which was more than many entire states received. These funds went toward failing schools, community development block grants, building retrofits and a much needed temporary increase in the federal match for Medicaid, among many other things. The most important way of assessing these investments has always been in terms of the jobs saved and people helped, but from the beginning it was also hoped that Recovery Act investments would provide a unique opportunity for policy innovation and reform. In no policy area was this truer than in workforce development. And in no other city would the payoff and potential pitfalls be clearer than in New York, the country's largest workforce development system. The 2009 federal stimulus brought a huge infusion of funds to New York City for job training and workforce development; with the money now running out, the authors examine how the funds were spent and what the end of this funding stream means at a time when countless New Yorkers are still out of work. The Programs are appended. (Contains 16 endnotes.).
Download or read book Seven Steps for States and Regions to Prepare for the American Recovery and Reinvestment Act written by Workforce Strategy Center and published by . This book was released on 2009 with total page 4 pages. Available in PDF, EPUB and Kindle. Book excerpt: Through the American Recovery and Reinvestment Act (ARRA) the federal government is pumping nearly $790 billion dollars into state and local coffers to strengthen the United States economy. In order to stimulate the economy as quickly as possible, states are being asked to invest much of this funding into regions within 30 days, and to have the funding obligated and spent within the next 18 months. In addition to getting the money out quickly, states and regions have the enormous challenge of having to figure out how to make the best and most strategic use of the funding. Most important, is how to do this so that low-income youth and adults can attain the postsecondary credentials they need to earn family sustaining wages. Presented in this paper are some basic steps states and regions might consider taking to determine how to use the stimulus. First, there are three points to keep in mind: (1) ARRA funding, and whatever system might be created with the stimulus and other available dollars, "are the means to an end"; (2) the goal is to get people jobs and jump start the economy; and (3) to have a sustained effect, short-term actions need to be part of a long-term plan.
Download or read book Governing Under Stress written by Timothy J. Conlan and published by Georgetown University Press. This book was released on 2017 with total page 271 pages. Available in PDF, EPUB and Kindle. Book excerpt: The underappreciated but surprisingly successful implementation of the American Recovery and Reinvestment Act (ARRA) helped rescue the economy during the Great Recession and represented one of the most important achievements of the Obama presidency. It tested all levels of government with urgent time frames and extensive accountability requirements. While ARRA passed most tests with comparatively little mismanagement or fraud, negative public and media perceptions of the initiative deprived the president of political credit. Drawing on more than two hundred interviews and nationwide field research, Governing under Stress examines a range of ARRA stimulus programs to analyze the fraught politics, complex implementation, and impact of the legislation. Essays from public administration scholars use ARRA to study how to implement large federal programs in our modern era of indirect, networked governance. Throughout, the contributors present potent insights into the most pressing challenges facing public policy and management, and they uncover important lessons about policy instruments and networks, the effects of transparency and accountability, and the successes and failures of different types of government intervention.
Download or read book What Have We Learned written by George A. Akerlof and published by MIT Press. This book was released on 2014-05-09 with total page 369 pages. Available in PDF, EPUB and Kindle. Book excerpt: Top economists consider how to conduct policy in a world where previous beliefs have been shattered by the recent financial and economic crises. Since 2008, economic policymakers and researchers have occupied a brave new economic world. Previous consensuses have been upended, former assumptions have been cast into doubt, and new approaches have yet to stand the test of time. Policymakers have been forced to improvise and researchers to rethink basic theory. George Akerlof, Nobel Laureate and one of this volume's editors, compares the crisis to a cat stuck in a tree, afraid to move. In April 2013, the International Monetary Fund brought together leading economists and economic policymakers to discuss the slowly emerging contours of the macroeconomic future. This book offers their combined insights. The editors and contributors—who include the Nobel Laureate and bestselling author Joseph Stiglitz, Federal Reserve Vice Chair Janet Yellen, and the former Governor of the Bank of Israel Stanley Fischer—consider the lessons learned from the crisis and its aftermath. They discuss, among other things, post-crisis questions about the traditional policy focus on inflation; macroprudential tools (which focus on the stability of the entire financial system rather than of individual firms) and their effectiveness; fiscal stimulus, public debt, and fiscal consolidation; and exchange rate arrangements.
Download or read book The Great Recession written by David B. Grusky and published by Russell Sage Foundation. This book was released on 2011-10-01 with total page 342 pages. Available in PDF, EPUB and Kindle. Book excerpt: Officially over in 2009, the Great Recession is now generally acknowledged to be the most devastating global economic crisis since the Great Depression. As a result of the crisis, the United States lost more than 7.5 million jobs, and the unemployment rate doubled—peaking at more than 10 percent. The collapse of the housing market and subsequent equity market fluctuations delivered a one-two punch that destroyed trillions of dollars in personal wealth and made many Americans far less financially secure. Still reeling from these early shocks, the U.S. economy will undoubtedly take years to recover. Less clear, however, are the social effects of such economic hardship on a U.S. population accustomed to long periods of prosperity. How are Americans responding to these hard times? The Great Recession is the first authoritative assessment of how the aftershocks of the recession are affecting individuals and families, jobs, earnings and poverty, political and social attitudes, lifestyle and consumption practices, and charitable giving. Focused on individual-level effects rather than institutional causes, The Great Recession turns to leading experts to examine whether the economic aftermath caused by the recession is transforming how Americans live their lives, what they believe in, and the institutions they rely on. Contributors Michael Hout, Asaf Levanon, and Erin Cumberworth show how job loss during the recession—the worst since the 1980s—hit less-educated workers, men, immigrants, and factory and construction workers the hardest. Millions of lost industrial jobs are likely never to be recovered and where new jobs are appearing, they tend to be either high-skill positions or low-wage employment—offering few opportunities for the middle-class. Edward Wolff, Lindsay Owens, and Esra Burak examine the effects of the recession on housing and wealth for the very poor and the very rich. They find that while the richest Americans experienced the greatest absolute wealth loss, their resources enabled them to weather the crisis better than the young families, African Americans, and the middle class, who experienced the most disproportionate loss—including mortgage delinquencies, home foreclosures, and personal bankruptcies. Lane Kenworthy and Lindsay Owens ask whether this recession is producing enduring shifts in public opinion akin to those that followed the Great Depression. Surprisingly, they find no evidence of recession-induced attitude changes toward corporations, the government, perceptions of social justice, or policies aimed at aiding the poor. Similarly, Philip Morgan, Erin Cumberworth, and Christopher Wimer find no major recession effects on marriage, divorce, or cohabitation rates. They do find a decline in fertility rates, as well as increasing numbers of adult children returning home to the family nest—evidence that suggests deep pessimism about recovery. This protracted slump—marked by steep unemployment, profound destruction of wealth, and sluggish consumer activity—will likely continue for years to come, and more pronounced effects may surface down the road. The contributors note that, to date, this crisis has not yet generated broad shifts in lifestyle and attitudes. But by clarifying how the recession’s early impacts have—and have not—influenced our current economic and social landscape, The Great Recession establishes an important benchmark against which to measure future change.
Download or read book Inflation and Activity Two Explorations and their Monetary Policy Implications written by Mr.Olivier J. Blanchard and published by International Monetary Fund. This book was released on 2015-11-06 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: We explore two issues triggered by the crisis. First, in most advanced countries, output remains far below the pre-recession trend, suggesting hysteresis. Second, while inflation has decreased, it has decreased less than anticipated, suggesting a breakdown of the relation between inflation and activity. To examine the first, we look at 122 recessions over the past 50 years in 23 countries. We find that a high proportion of them have been followed by lower output or even lower growth. To examine the second, we estimate a Phillips curve relation over the past 50 years for 20 countries. We find that the effect of unemployment on inflation, for given expected inflation, decreased until the early 1990s, but has remained roughly stable since then. We draw implications of our findings for monetary policy.
Download or read book The Means to Prosperity written by Per Gunnar Berglund and published by Routledge. This book was released on 2007-05-07 with total page 465 pages. Available in PDF, EPUB and Kindle. Book excerpt: While recent developments in monetary theory have been fast to spread to policy analysis and practice and the media, the same is not true of fiscal policy, and a void has emerged. Issues such as timing, cyclical adjustments, long-term sustainability, and social implications are often seen as detached from discussions in the public arena. This book fills this gap. It delivers a keen assessment of the role and scope of current fiscal policy. New contributions and critical reviews of state of the art research analyze fiscal policy in terms of viability, potency, consequences and sustainability, and also shed light on its relation to economic and political ideas. The general tone of this volume is cautiously favourable of fiscal activism, although the emphasis is placed more on medium-term adjustments than on short-term ‘fine-tuning’. The authors believe that the legacy of the last fiscal revolution has been an excessively negative view of deficits and debt, and believe that this volume will contribute to open a dialogue on fiscal issues, and bring back a more balanced view of fiscal policy. With contributions from leading authorities including Barbara Bergmann, Jeffrey Frankel and David Colander, this is a major new contribution to the field.
Download or read book Summary of Federal Environmental Energy and Education Funding in the American Recovery and Reinvestment Act 2009 Omnibus Bills written by and published by . This book was released on 2009 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt: President Obama's economic stimulus plan, approved by Congress as the American Recovery and Reinvestment Act (ARRA), and the Omnibus Appropriations Act for FY 2009 are first steps in a transformation to a new green economy. Energy, environment and education are priorities because of their short- and long-term benefits. NCSE has identified at least $100 billion in funding for these priorities. This report shows the allocation of additional funding above the FY 2008 base by department and major independent agencies. There may be programs that we have failed to include.
Download or read book The Higher Education Act written by Congressional Research Service and published by Createspace Independent Publishing Platform. This book was released on 2015-01-16 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Higher Education Act of 1965 (HEA; P.L. 89-329) authorizes numerous federal aid programs that provide support to both individuals pursuing a postsecondary education and institutions of higher education (IHEs). Title IV of the HEA authorizes the federal government's major student aid programs, which are the primary source of direct federal support to students pursuing postsecondary education. Titles II, III, and V of the HEA provide institutional aid and support. Additionally, the HEA authorizes services and support for less-advantaged students (select Title IV programs), students pursing international education (Title VI), and students pursuing and institutions offering certain graduate and professional degrees (Title VII). Finally, the most recently added title (Title VIII) authorizes several other programs that support higher education. The HEA was last comprehensively reauthorized in 2008 by the Higher Education Opportunity Act of 2008 (HEOA; P.L. 110-315), which authorized most HEA programs through FY2014. Following the enactment of the HEAO, the HEA has been amended by numerous other laws, most notably the SAFRA Act, part of the Health Care and Education Reconciliation Act of 2010 (P.L. 111-152), which terminated the authority to make federal student loans through the Federal Family Education Loan (FFEL) program. Authorization of appropriations for many HEA programs expired at the end of FY2014 but has been extended through FY2015 under the General Education Provisions Act. This report provides a brief overview of the major provisions of the HEA.
Download or read book The Solyndra Failure written by United States. Congress. House. Committee on Energy and Commerce. Subcommittee on Oversight and Investigations and published by . This book was released on 2013 with total page 676 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Breakdown written by Jeff Bingaman and published by University of New Mexico Press. This book was released on 2022 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: em>Breakdown: Lessons for a Congress in Crisis traces the development of congressional dysfunction over more than three decades and provides eight case studies that examine how the crisis affects our government's ability to meet major policy challenges.
Download or read book The American Recovery and Reinvestment Act of 2009 written by United States. Congress. House. Committee on Oversight and Government Reform and published by . This book was released on 2009 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Failure of Financial Regulation written by Anil Hira and published by Springer. This book was released on 2019-04-16 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt: “This publication could not be more timely. Little more than a decade after the global financial crisis of 2008, governments are once again loosening the reins over financial markets. The authors of this volume explain why that is a mistake and could invite yet another major crisis.” —Benjamin Cohen, University of California, Santa Barbara, USA “Leading political scientists from several generations here offer historical depth, as well as sensible suggestions about what reforms are needed now.” —John Kirton, University of Toronto, Canada, and Co-founder of the G7 Research Group “A valuable antidote to complacency for policy-makers, scholars and students.” —Timothy J. Sinclair, University of Warwick, UK This book examines the long-term, previously underappreciated breakdowns in financial regulation that fed into the 2008 global financial crash. While most related literature focuses on short-term factors such as the housing bubble, low interest rates, the breakdown of credit rating services and the emergence of new financial instruments, the authors of this volume contend that the larger trends in finance which continue today are most relevant to understanding the crash. Their analysis focuses on regulatory capture, moral hazard and the reflexive challenges of regulatory intervention in order to demonstrate that financial regulation suffers from long-standing, unaddressed and fundamental weaknesses.
Download or read book Why the Conventional Wisdom about the 2008 Financial Crisis is Still Wrong written by Paul Mueller and published by Cambridge Scholars Publishing. This book was released on 2018-12-06 with total page 197 pages. Available in PDF, EPUB and Kindle. Book excerpt: Much of what has been heard, read, or taught about the 2008 financial crisis is incorrect. It was not caused by free market capitalism run amok. The crisis was not created by deregulatory zeal. It wasn’t primarily due to greed on Wall Street. The crisis was not simply created by people’s “irrational exuberance” or “animal spirits.” Perhaps most importantly, it did not require bailouts and thousands of pages of new regulations to fix. Instead, it came about because of significant market distortions created by government subsidies, misregulation, and perverse incentives. The conventional wisdom blames unbridled markets for mortgage fraud, imprudent risks, and extreme leverage in financial institutions. Policy makers told us that the failure of Lehman Brothers, and the near failure of American International Group and many large banks, would have resulted in catastrophic decline and perhaps another Great Depression. After the crisis, thousands of pages of new regulations were written to limit the types of risk banks can take and the kinds of investments they can make so that a financial crisis of this magnitude can’t happen again. But what if this conventional wisdom was wrong? If the problem wasn’t unregulated, unrestrained markets leading to fraud and excessive risk-taking, if instead it was perverted incentives and distorted market signals due to numerous regulations and mandates in the first place, then the thousands of new pages of regulations haven’t solved the fundamental problem. In fact, they have made it worse. This book shows that it is time to reassess the conventional wisdom. Perhaps there is still time to reverse the faulty solutions based upon it before another financial crisis breaks out.
Download or read book Failure written by Vicki E. Alger and published by Independent Institute. This book was released on 2016-06-01 with total page 412 pages. Available in PDF, EPUB and Kindle. Book excerpt: The relationship among the federal government, the states, and parents with regard to education is increasingly dysfunctional. Parental control over their children's education has gained impressive momentum in recent years at the state level. Meanwhile, states have been increasingly willing to relinquish sovereignty over education in exchange for more federal dollars. Failure would help bring clarity to these issues by examining whether students and the country better off after 30 years with the Department of Education and suggesting alternatives to an ever-expanding federal education bureaucracy. Part I would begin by examining the development of the current Department of Education, including the legislation that gave rise to it, and the pressure groups that have shaped it. Additional chapters would examine related issues including the arguments for and against the creation of a national education department, its origin, current structure, spending, and growth over time. Part II would examine the results to date against the education department's own standards. These include overall student achievement nationally before and after the advent of the Department of Education as well as international comparisons of U.S. student achievement. Outcomes of some of the largest Department of Education programs would also be considered in this section, along with some of the lesser-known department programs and initiatives. Part III would examine truly federal alternatives to the current tug-of-war between the national and state governments in light of the growing parental-choice movement. Included in this section would be chapters examining a strict-constitutionalist model, which denies any federal authority in education. Another alternative model examined would be the National Bureau of Education model, inspired by the original 1867 precursor to the current Department of Education, whose primary mission was to serve as a repository of information so schools nationwide could emulate best practices. In addition, this section would seek to include cross-country comparisons of education systems of top-performing Organization of Economic Cooperation and Development (OECD) countries.
Download or read book US Energy Policy and the Pursuit of Failure written by Peter Z. Grossman and published by Cambridge University Press. This book was released on 2013-03-25 with total page 417 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents an analytic history of American energy policy, examining policy failures and how the policy process itself leads to failure.
