Fiscal Policy During a Recession
What fiscal policy has been used during previous recessionary periods?
Fiscal policy has typically included a variety of measures to stimulate economic activity during previous recessionary periods. These measures have included tax cuts, increased government spending, and loan guarantees backed by the government. Tax cuts are intended to increase the money available to consumers and businesses, allowing them to spend more and stimulate the economy (Utama, Insukindro, & Fitrady, 2022). Government spending increases can also create jobs and stimulate economic activity. Loan guarantees encourage businesses to take out loans to fund new projects or expand existing operations.
How does the fiscal policy during the COVID-19 recession differ from normal recessions? Provide a minimum of 2 forms of difference.
In several ways, fiscal policy during the COVID-19 recession differed from normal recessions. To begin, the federal government has enacted large-scale stimulus packages to assist individuals, businesses, and state and local governments (Savalanli, 2021). Direct payments to individuals, forgivable loans to businesses, and additional funding for state and local governments have all been included in these packages.
Second, the federal government has implemented policies to assist specific businesses and industries disproportionately affected by the pandemic, such as airlines and hospitality businesses. Loan guarantees, grants, tax cuts, and other forms of financial assistance have all been part of these policies. Finally, the government has implemented policies to help the healthcare industry, such as increasing hospital funding and increasing funding for medical research.
References
Savalanli, E. (2021). Implementation of fiscal and monetary policy during the COVID-19 crisis. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3858830
Utama, C., Insukindro, I., & Fitrady, A. (2022). Fiscal and monetary policy interactions in Indonesia during periods of economic turmoil in us: 2001q1-2014q4. Buletin Ekonomi Moneter dan Perbankan, 25(1), 97-126. https://doi.org/10.21098/bemp.v25i1.1619
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What fiscal policy has been used during previous recessionary periods?
Fiscal Policy During a Recession
How does the fiscal policy during the COVID-19 recession differ from normal recessions? Provide a minimum of 2 forms of difference.
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