1- In March of 2021, Congress passed a massive Coronavirus stimulus bill ($1.9 trillion). This expansionary fiscal policy was designed to strengthen the economy and reduce unemployment. The most significant parts were 1-$1400 direct payment to many Americans: Individuals making under $75,000 and couples making under $150,000 receiving a full direct payment 2- $300 extra weekly emergency unemployment benefits. 3- There was also money for COVID-19 vaccines and testing, aid to state and local governments, help for schools and the airline industry, tax breaks for lower earners and families with children, and subsidies for health insurance. In your opinion and referring to the material on Ch 11, which of these provisions benefited the economy the most and why? Discuss briefly
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Subsidies for health insurance
Full Answer Section
These direct payments increased consumers' disposable income, which led to increased spending on goods and services. This boost in consumption helped businesses recover from the pandemic-induced downturn, leading to job creation and economic growth.
While other provisions, like unemployment benefits and aid to state and local governments, were crucial in supporting households and public services, the direct payments had a more immediate and widespread impact on consumer spending, the primary driver of economic activity.
Sample Answer
The $1,400 direct payments to individuals making under $75,000 and couples making under $150,000 likely had the most significant positive impact on the economy.
According to the Keynesian economic principles discussed in Chapter 11, injecting money directly into consumers' hands can quickly stimulate aggregate demand. These direct payments increased consumers' disposable income, which led to increased spending on goods and services. This boost in consumption helped businesses recover from the pandemic-induced downturn, leading to job creation and economic growth.
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