Ten years ago this month, Congress responded to the most serious economic crisis since the Great Depression by passing the American Recovery and Reinvestment Act of 2009 (Recovery Act). Show This economic stimulus package, estimated to cost more than $800 billion, intended to promote economic recovery by:
So, ten years on, what do we know about the effects of the Recovery Act? Today’s WatchBlog explores GAO’s work related to the scope of the Recovery Act and longer-term effects on the transparency of federal spending. Spending and accountability Starting in 2009, Recovery Act funds were distributed to federal agencies, states, localities, for-profit corporations and nonprofit organizations, as well as to individuals through grants, contracts, loans, tax benefits, and other assistance. Many Recovery Act projects focused on immediately jumpstarting the economy. Others, such as those focused on technology, infrastructure, and the environment, were expected to contribute to economic growth for many years. Grants played a key role in the Recovery Act—states and localities received about $219 billion through federal grant programs for health care, transportation, energy, housing, and education. These grants came with aggressive timelines for spending the money quickly to create and retain jobs and stabilize state and local budgets. Funding recipients were also required to publicly report on how they used Recovery Act funds to ensure transparency and accountability.  Following the money Starting in 2009, we have conducted in-depth reviews of Recovery Act programs in 16 states, the District of Columbia, and selected localities—which encompassed about two-thirds of Recovery Act funds and 65 percent of the U.S. population. Our work reviewed numerous programs in areas such as Highway Infrastructure and Public Transportation, Health Care, Energy, Public Housing, and Education. We identified challenges and successes that federal, state, and local governments had in meeting the Recovery Act’s accountability and transparency requirements. For example, while the act required the creation of the Recovery.gov website, which demonstrated several leading practices for effective government websites, some agencies struggled with meeting the act’s oversight requirements due to lack of funding for oversight at the state and local levels, staffing shortages, and the short timelines for spending the funding. A lasting legacy The Recovery Act also paved the way for legislation that changed the standards for the transparency of government spending. Congress passed the Digital Accountability and Transparency Act of 2014 (the DATA Act), partly due to lessons learned from the Recovery Act. The DATA Act requires federal agencies to prepare and submit standardized, accurate information about the trillions of dollars they spend each year. We’ve reported on a number of issues related to the DATA Act, including a lack of accuracy and consistency in how agencies report their data, and we continue to monitor its implementation. To learn more, visit our website. Comments on GAO’s WatchBlog? Contact . The American Recovery and Reinvestment Act (ARRA) of 2009 is a federal law passed by the U.S Congress to provide relief to American families after the Great Recession of 2008. ARRA is otherwise called the Recovery Act, Obama Stimulus and the stimulus package of 2009. This law was signed into law by President Barrack Obama in 2009. The American Recovery and Reinvestment Act of 2009 was passed to stimulate economic recovery in the United States. This law was designed to improve health care, education, and provide infrastructure for American families. Back to: ECONOMIC ANALYSIS & MONETARY POLICY What is included in the American Recovery And Reinvestment Act?ARRA is a law passed as a response to the Great Depression of 2008. This law provided tax relief, basic infrastructures, and amenities for families in the U.S. ARRA as federal law was also passed to aid the recovery of jobs lost during the Great Depression and create more employment for American citizens. The American Recovery and Reinvestment Act (ARRA) was signed into law on February 17, 2019. When signed into law by President Obama, the Act was to disburse $787 billion as of relief to American citizens. This amount was intended to compensate Americans for job losses and other financial hardships encountered during the recessional period. Objectives of the American Recovery and Reinvestment ActThere are many initiatives and objectives that were intended for the American Recovery and Reinvestment Act (ARRA) of 2009 to achieve. The major objectives of ARRA include;
Opinions on the Efficacy of the American Recovery and Reinvestment ActThe American Recovery and Reinvestment Act (ARRA) of 2009 received different reactions from different quarters, this was a mix of both positive and negative reactions. While the supporters of the Act clamored that stimulus spending was not enough for economic recovery which created the need for ARRA, opponents of ARRA opined that too much government spending will be largely inefficient due to the bureaucratic tendencies of government offices. Economists were also pitched in different positions when it comes to the efficacy ARRA, however, the effects of the Act are largely noticeable as the eco Related Topics
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American Recovery and Reinvestment Act Overview From the beginning, the Recovery Act investment was intended to energize industry and help accelerate work being done so that investments would go farther and so faster progress could be made in transforming our aging infrastructure into a system that better supports American consumers and a vibrant, growing economy. Because of this unprecedented investment, the nation’s grid today is more reliable, resilient, flexible, efficient and secure. A fact sheet that describes in more detail how the Recovery Act investment has allowed Americans to start experiencing the benefits of the future grid today is available HERE. |
What was the intended purpose of the American Recovery and Reinvestment Act of 2008?
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