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The American Recovery and Reinvestment Act of 2009: a review of stimulus spending in New York and New Jersey

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  • James A. Orr
  • John Sporn

Abstract

The ARRA stimulus package was designed to spur economic and employment growth in response to a deepening U.S. recession and the weakened fiscal conditions of many state governments. An analysis of the local allocation of ARRA funds shows that the $35 billion of stimulus spending in New York was relatively concentrated in expanded funding for Medicaid, while a large share of the $12 billion allocated to New Jersey went to extending unemployment insurance benefits. While ARRA funding supplemented tax revenues in both states in fiscal years 2010 and 2011, the program's spending components are winding down, and New York and New Jersey can no longer rely on these federal transfers when preparing their budgets.

Suggested Citation

  • James A. Orr & John Sporn, 2012. "The American Recovery and Reinvestment Act of 2009: a review of stimulus spending in New York and New Jersey," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 18(Sept).
    • Handle: RePEc:fip:fednci:y:2012:i:sept:n:v.18no.6
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    References listed on IDEAS

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    1. Rajashri Chakrabarti & Sarah Sutherland, 2013. "Precarious slopes? The Great Recession, federal stimulus, and New Jersey schools," Economic Policy Review, Federal Reserve Bank of New York, issue Dec, pages 41-65.
    2. Jaison R. Abel & Richard Deitz, 2008. "New measures of economic growth and productivity in upstate New York," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 14(Dec).
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    4. Jason Bram & James A. Orr & Robert W. Rich & Rae D. Rosen & Joseph Song, 2009. "Is the worst over? Economic indexes and the course of the recession in New York and New Jersey," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 15(Sep).
    5. Richard Deitz & Andrew F. Haughwout & Charles Steindel, 2010. "The recession's impact on the state budgets of New York and New Jersey," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 16(Jun/Jul).
    6. Jason Bram & Francisco E. Martinez & Charles Steindel, 2008. "Trends and developments in the economy of Puerto Rico," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 14(Mar).
    7. Rajashri Chakrabarti & Elizabeth Setren, 2011. "The impact of the Great Recession on school district finances: evidence from New York," Staff Reports 534, Federal Reserve Bank of New York.
    8. Daniel J. Wilson, 2009. "Are fiscal stimulus funds going to the \\"right\\" states?," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue apr17.
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    2. Olivier Blanchard & Christopher J. Erceg & Jesper Lindé, 2017. "Jump-Starting the Euro-Area Recovery: Would a Rise in Core Fiscal Spending Help the Periphery?," NBER Macroeconomics Annual, University of Chicago Press, vol. 31(1), pages 103-182.

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