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Essay / Research Paper Abstract
In 2009 a stimulus package worth $787 billion was put into place to aid the US recovery but unemployment still continued to rise. Using concepts of economic theory this 6 page paper discusses the potential strategies that may be used to decrease unemployment are discussed, with consideration given to the reasons the existing package does not appear to have delivered the desired results. The bibliography cites 7 sources.
Page Count:
6 pages (~225 words per page)
File: TS14_TEUSunemploy.doc
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of $787 billion with the specific aim of kick starting the economy, The stimulus package saw the funds allocated to a wide range of different areas, including many tax reductions,
increased spending on infrastructure, energy and healthcare investments and money to prevent layoffs. However, the stimulus does not appear to be working, unemployment remains high and the economy remains sluggish
and the desired effects f the stimulus has not been seen. There are different commentators with differing views on why the current stimulus has not been effective and views regarding
the way unemployment should be reduced, some arguing that the stimulus package was too small, other that the package itself took the wrong approach. To consider potential solution the first
consideration needs to be an assessment of the theory behind the current strategy. The strategy of increasing public spending to stimulate an economy is based in the concept of the
multiplier effect; where spending takes place the funds will move around the economy stimulating demand (Nellis and Parker, 2006). For example, the government spends money on building a new bridge;
they employ a contractor to undertake the work. The contractor will need to employ workers which creates more employment, as well as buy inputs from suppliers, increasing the demand for
their goods and stimulating the jobs in the upstream supply chain. The supplier may need to increase production to meet the demand, which may mean employing more people, or increasing
their own orders to suppliers. The jobs that are created as a direct result of this demand will also increase spending. Those who have jobs will have disposable income that
they can then use to purchase more goods. These purchases will stimulate more demand, with firm increasing their supply to meet these demands which will create further employment and wages
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