Slow-Motion Recession: What Congress Can Do to Help
AbstractThis report presents several proposals designed to address the nation’s current economic slowdown. To blunt the effects of this downturn and provide immediate relief, the authors suggest a second stimulus package. Proposals for the package include an expanded tax credit for homes and businesses to make energy conserving renovations, subsidies for state and local governments to reduce fares on public transportation, matching grants to state and local governments to invest in energy conserving renovations, grants to state and local governments so that they will not be forced to raise taxes and/or layoff workers and cut services in the middle of a downturn, additional payments to low- and moderate-income households through programs such as Food Stamps, School Lunches and the Low Income Heating and Energy Assistance Program to make it easier for families to cope with rising food and energy prices, modernization of the unemployment insurance system and further extension of the benefit period. To promote continued, sustained growth, the paper suggests policies that will require restructuring the U.S. economy to protect homeowners, reel in financial markets, and to restore some balance to our work and family commitments.
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Bibliographic InfoPaper provided by Center for Economic and Policy Research (CEPR) in its series CEPR Reports and Issue Briefs with number 2008-21.
Length: 14 pages
Date of creation: Jul 2008
Date of revision:
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fiscal stimulus; economic stimulus; recession; deficit spending;
Other versions of this item:
- Eileen Appelbaum & Dean Baker & John Schmitt, 2008. "A Slow-Motion Recession: What Congress Can Do to Help," Challenge, M.E. Sharpe, Inc., vol. 51(5), pages 5-19, September.
- E - Macroeconomics and Monetary Economics
- E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
- E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
- E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
- E66 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General Outlook and Conditions
- J65 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Unemployment Insurance; Severance Pay; Plant Closings
This paper has been announced in the following NEP Reports:
- NEP-ALL-2008-12-01 (All new papers)
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- Hye Jin Rho & Danilo Pelletiere & Dean Baker, 2008. "The Changing Prospects for Building Home Equity: An Updated Analysis of Rents and the Price of Housing in 100 Metropolitan Areas," CEPR Reports and Issue Briefs 2008-26, Center for Economic and Policy Research (CEPR).
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