The State and Local Drag on the Stimulus
AbstractThis report shows that the $787 billion included in the 2009 ARRA will not have as much of an immediate effect on the economy as initially anticipated. After subtracting the annual AMT patch and acounting for state level spending and tax cuts, the full effect of federal stimulus will equal a little more than 1 percent of GDP a year, falling far short of what is needed to re-ignite the economy. While the 2009 recovery act was a vital first step towards restoring the nations economic foundation, this paper puts some perspective on the immediate effects of the stimulus.
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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 2009-17.
Length: 11 pages
Date of creation: May 2009
Date of revision:
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economic stimulus; fiscal stimulus; recession; ARRA; unemployment;
Find related papers by JEL classification:
- H - Public Economics
- H2 - Public Economics - - Taxation, Subsidies, and Revenue
- H25 - Public Economics - - Taxation, Subsidies, and Revenue - - - Business Taxes and Subsidies
- H3 - Public Economics - - Fiscal Policies and Behavior of Economic Agents
- I - Health, Education, and Welfare
- I1 - Health, Education, and Welfare - - Health
- I18 - Health, Education, and Welfare - - Health - - - Government Policy; Regulation; Public Health
- E - Macroeconomics and Monetary Economics
- E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment
- E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution
- E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
- E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
- E64 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Incomes Policy; Price Policy
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-05-30 (All new papers)
- NEP-PBE-2009-05-30 (Public Economics)
- NEP-PKE-2009-05-30 (Post Keynesian Economics)
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- Jeffrey Thompson & John Schmitt, 2010. "The Wage Penalty for State and Local Government Employees in New England," Working Papers wp233, Political Economy Research Institute, University of Massachusetts at Amherst.
- Mark Weisbrot & Rebecca Ray & Jake Johnston & Jose Antonio Cordero, 2009. "IMF-Supported Macroeconomic Policies and the World Recession: A Look at Forty-One Borrowing Countries," CEPR Reports and Issue Briefs 2009-37, Center for Economic and Policy Research (CEPR).
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