Economics With Financial Literacy

The Result of the Bush and Obama Era Economic Stimulus Packages

An assignment for Honors Economics, lesson 4.05, by Sarah Knezel

The Economic Stimulus Act of 2008 was an act that gave middle and working class citizens an extra 300 to 600 dollars in their tax returns, with the intention of the citizens using it to stimulate the economy to fight the results of a recession, with a projected cost of 152 billion dollars, yearly. It is unknown what exact percentage of the budget it consumed for the 2 years it was active. For all it cost to the taxpayer, and the controversy surrounding it, was it worth it?


    

In my opinion, a bill is empowered by its intentions, this bill was a success by most measures. Its impact on the GDP was immaculate, and by any professional opinion that is good, domestic manufacturing must produce jobs, that’s how things are made. Any discrepancies related to the bill were related to, but not caused by. I feel like this should be a go to bill for post-recession cleanup.

Works Cited

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Broda, Christian, and Jonathan Parker. “Did the 2008 US Tax Rebates Work? | VOX, CEPR’s Policy Portal.” Did the 2008 US Tax Rebates Work? Voxeu, 15 Aug. 2008. Web. 27 Mar. 2017. <http://voxeu.org/article/did-2008-us-tax-rebates-work&gt;.

“Economic Stimulus Payment Q&As: Eligibility.” Economic Stimulus Payment Q&As: Eligibility. IRS, 16 July 2008. Web. 27 Mar. 2017. <https://www.irs.gov/uac/Economic-Stimulus-Payment-Q&As:-Eligibility-&gt;.

Haugen, Steven E. “Characteristics of Minimum Wage Workers in 2002.” Monthly Labor Review 126.9 (2003): 37-40. Web. 22 Mar. 2017. <https://www.bls.gov/opub/reports/minimum-wage/archive/characteristics-of-minimum-wage-workers-2014.pdf&gt;.

“H.R. 5140 (110th): Economic Stimulus Act of 2008.” GovTrack.us. Govtrack, 8 Feb. 2008. Web. 27 Mar. 2017. <https://www.govtrack.us/congress/bills/110/hr5140/text&gt;.

Pacitti, Aaron. “Raising the Minimum Wage Boosts Growth and Does Not Cause Unemployment.” The Huffington Post. TheHuffingtonPost.com, 27 Apr. 2015. Web. 22 Mar. 2017. <http://www.huffingtonpost.com/aaron-pacitti/raising-the-minimum-wage-_3_b_7152976.html&gt;.

Riedl, Brian. “Why Government Spending Does Not Stimulate Economic Growth: Answering the Critics.” The Heritage Foundation. N.p., 5 Jan. 2010. Web. 27 Mar. 2017. <http://www.heritage.org/budget-and-spending/report/why-government-spending-does-not-stimulate-economic-growth-answering-the&gt;.

Silversmith, David, CPA, CFE. “Review of the Economic Stimulus Act of 2008.” Review of the Economic Stimulus Act of 2008 (n.d.): 1-4. Akmcpa. Web. 27 Mar. 2017. <http://akmcpa.com/wp-content/uploads/2011/10/Review-of-Economic-Stimulus-Act-of-2008.pdf&gt;.

ThinkProgress. “Study: A Minimum Wage Hike Would Stimulate The Economy.” ThinkProgress. ThinkProgress, 08 July 2013. Web. 22 Mar. 2017. <https://thinkprogress.org/study-a-minimum-wage-hike-would-stimulate-the-economy-f02ca75732fc#.j9lij2kxf&gt;.