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Article Summary for MacroEconomics 4 - Essay Example

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(Your Name) (Your (Course) Article Summary According to Isidore, the steps taken by president Obama to rectify the US job market has been successful to a certain extend but has failed to curtail the entire unemployment problem created by the recent recession (Isidore 2011)…
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Article Summary for MacroEconomics 4
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Download file to see previous pages The money provided by the package was almost over and the state’s police, firefighters and teachers were going to lose their jobs. President Obama is once again going to appear before the Congress for another $300 million to create jobs and help the economy. Three rounds of stimulus aid have already been provided by president Obama. The round one was openly and fully criticized by the republicans, in round one $200 billion were used to support tax cuts, $300 billion were used or the support of those who did not have jobs and $300 billion were used for direct investment in different projects. The spending on various projects contributed the most in creating jobs. The round two mainly contributed to the bailout of the auto industry of United States and helped a great deal in creating jobs. The money spend on bailout of auto industry was recovered and returned by the auto manufacturers. The step of helping the auto industry was the most successful one as this helped the auto manufacturers in solving their financial issues, this step alone helped in saving more than 1.5 million jobs. Before the bailout program, the auto manufacturers were in very bad shape and were on the verge of being forced out of the market. The bailout of auto manufacturers has a long term positive impact, these firms are currently doing very well and even employing more employees and posting higher profits. The use of stimulus money in other arenas had very little impact and an overall view suggests that stimulus money invested in other sectors was wasted. The round three of stimulus help was quite effective as huge amount of jobs were created because people had money to spend and due to increase in demand for goods and services there was increase in demand for more workers. More than $858 billion was spent as a part of the stimulus package; money was spent on unemployment assistance provided to those who were out of jobs. During summer, the economic growth and employment growth once again stopped and jobs created in the private sector decreased. It is even estimated that president Obama will continue providing unemployment assistance to employees. In my opinion, the president could have dealt with the stimulus package in different ways. The stimulus money was used in certain areas that did not turned out to be quite productive. For example: the tax subsidy, the unemployment benefit was of no great help in creating jobs. Whereas certain developments made with the stimulus money were quite helpful in decreasing unemployment in US. For example: investment in projects and bailout of the auto industry. Instead of giving money directly to the unemployed individuals and providing them unemployment benefits, stimulus money could have used to finance and bailout other sectors of the economy. This would have helped businesses with their liquidity issues and they would have saved themselves from being bankrupt. If businesses would not have closed and money would have been used to help these businesses, employment would have increased. Thus the unemployment assistance would not have been important and neither the tax cuts. The businesses that would have been saved with the help of stimulus money would have made money and they would have paid taxes. Taxes are revenue for the government and are necessary for the development of the economy. The taxes ...Download file to see next pagesRead More
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