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The American Recovery and Reinvestment Act of 2009 - Essay Example

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The role of the act in the provision of job opportunities was one of the initiating factors that prompted its formulation. The act is part of the economic recovery programs aimed at boost the country’s economic status (Wilson, 2010)…
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The American Recovery and Reinvestment Act of 2009
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Download file to see previous pages This was after the realization that many American citizens still feel the impact of the economic recession and need programs to boost their economic status. The program also contributes to economic recovery by providing assistance to the portion of the population that still undergoes trough the impacts of the recession. The act also serves as a program to elevate economic efficiency through promotion of investments (Pollin & Baker, 2010). There are various avenues set to increase technological advancements in health and science are anchors of investments that promote economic efficiency. The act has several long-term investment initiatives. It promotes investments in transportation sector, a strategy aimed at raising the long-term benefits that accrue from investments in transport in the country. Investments in environmental protection programs are instrumental to increase the long-term economic benefits of such programs. Investment in other infrastructure in the country, as provided by the act, would increase the economy of the country. The government appreciates the need to ensure stability of state as well as local government budgets and its vitality in ensuring the economic progress and recovery after the effects of the recession. The act aims at ensuring such stability in an attempt to minimize and evade reductions in the provision of services that are essential to the citizens. ...
Various economic avenues were reviewed to counter the spread of the economic crisis effects on both state and government operations including policy frameworks. The act was part of the various moves by the American government to respond to the crisis. In 13 February 2009, the Obama administration, though the congress, passed the act. It became lawful after its signing into law by the president, after four days from congress’ approval. There were three immediate intentions of forming the act. The need to create new employment opportunities for the American people, while maintaining the available job, was among the three key objectives of the act. The congress considered the high need to initiate intensive economic activities in the country. In addition to initiating high economic activities in the country, the congress identified long-term growth as key to the economic recovery in the country. Boosting investment for long-term growth was the second aim of the act. Transparency in spending is central in ensuring accountability in any institution. This rationale prompted the congress to device a legislation that would foster responsibility among state and local officials and institutions while undertaking government spending. The third objective of the act was to instill exceptional levels of transparency in the use of government resources. There were key functions and responsibilities that the act in achieving its objectives. The main responsibility of the act was the provision of seven hundred and eighty seven billion dollars that would drive its functions (Brostek, 2010). The amount was to be availed in three main facets. The first facet was in tax cuts as well as benefits. This was applicable for citizens in employment and business. The second ...Download file to see next pagesRead More
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