In the article “The U.S. has thrown more than $6 trillion at the coronavirus crisis. That number could grow” discusses the fiscal response of the U.S. to the COVID-19 Pandemic. However due to the size of the U.S. when measured against other countries was only the 10th largest. Countries like Japan, Luxembourg, and Belgium led with 15% of GDP as a fiscal response. From a monetary response, the Federal Reserve kept interest rates low to avoid any further fear of lending. What is interesting is the aid presented during the pandemic raised our national debt to a record high, all while conservatives owned the White House and Senate. Specific to that CARES Act, the total of approved aid never reached…
For this post I read the article, “The U.S. has Thrown More Than $6 trillion at the Coronavirus Crisis. That Number Could Grow” by Andrew Van Dam for the Washington Post. The article discusses the response from both Congress and the Federal Reserve to try and alleviate some of the concerns regarding the economic impact of coronavirus in the early months of the pandemic. Former President Trump signed off of $2.35 trillion in coronavirus relief funds, in addition to the roughly $4 trillion from the Federal Reserve Bank. While these numbers seemed shocking at the time, unprecedented even, now looking at it, the $6 trillion would barely cover the first few months of necessary relief. An article released in February…
In the article "The U.S. has thrown more than $6 trillion at the coronavirus crisis. That number could grow," by Andrew Van Dam he explores how much money the U.S. administration has given in order to combat the effects of COVID. He starts off with a shocking statistic about the Trump administration pledging almost a thousand times what they initially planned to spend. Not counting the efforts made by the Federal reserve, the U.S. government spent more than $6 trillion to try and prevent the economic collapse. He then included a graph that depicted the fiscal response of different countries as a part of their GDP. Japan had the most shares with 20x their GDP, the United States was in…
The United States has contributed a great amount of money to the American population. The Trump administration had an expectation of spending $2.5 billion to combat the coronavirus. Months later, President Trump gave the order to spend more money, an amount of approximately $2.35 trillion (The Washington Post). According to the article, there was an estimated $2.15 trillion for the Cares Act. The Cares Act included financial aid for the Coronavirus Relief Fund in which states and local governments with populations over 500,000, can draw down to meet virus-related costs in calendar year. 2020 (CBPP). In my opinion, I think it was a great idea on the part of the government to help its citizens from the great blow that…
The coronavirus has had a very astounding impact on the United States economy, and its impact is still lingering on to this day. For this weeks blog post I chose to write about Andrew Van Dam's article "The U.S. has thrown more than $6 trillion at the coronavirus crisis. That number could grow." I thought this article was fitting to write about because we are discussing government intervention in the economy this week in class. In this article, Dam states that the US government has already put $6 trillion into trying to counteract the economic impacts that the worldwide shut down had on families all across the US. In 2020, the government spending on coronavirus relief was a quarter of…
In the article “The U.S. has thrown more than $6 trillion at the coronavirus crisis. That number could grow” discusses the fiscal response of the U.S. to the COVID-19 Pandemic. However due to the size of the U.S. when measured against other countries was only the 10th largest. Countries like Japan, Luxembourg, and Belgium led with 15% of GDP as a fiscal response. From a monetary response, the Federal Reserve kept interest rates low to avoid any further fear of lending. What is interesting is the aid presented during the pandemic raised our national debt to a record high, all while conservatives owned the White House and Senate. Specific to that CARES Act, the total of approved aid never reached…
For this post I read the article, “The U.S. has Thrown More Than $6 trillion at the Coronavirus Crisis. That Number Could Grow” by Andrew Van Dam for the Washington Post. The article discusses the response from both Congress and the Federal Reserve to try and alleviate some of the concerns regarding the economic impact of coronavirus in the early months of the pandemic. Former President Trump signed off of $2.35 trillion in coronavirus relief funds, in addition to the roughly $4 trillion from the Federal Reserve Bank. While these numbers seemed shocking at the time, unprecedented even, now looking at it, the $6 trillion would barely cover the first few months of necessary relief. An article released in February…
In the article "The U.S. has thrown more than $6 trillion at the coronavirus crisis. That number could grow," by Andrew Van Dam he explores how much money the U.S. administration has given in order to combat the effects of COVID. He starts off with a shocking statistic about the Trump administration pledging almost a thousand times what they initially planned to spend. Not counting the efforts made by the Federal reserve, the U.S. government spent more than $6 trillion to try and prevent the economic collapse. He then included a graph that depicted the fiscal response of different countries as a part of their GDP. Japan had the most shares with 20x their GDP, the United States was in…
The United States has contributed a great amount of money to the American population. The Trump administration had an expectation of spending $2.5 billion to combat the coronavirus. Months later, President Trump gave the order to spend more money, an amount of approximately $2.35 trillion (The Washington Post). According to the article, there was an estimated $2.15 trillion for the Cares Act. The Cares Act included financial aid for the Coronavirus Relief Fund in which states and local governments with populations over 500,000, can draw down to meet virus-related costs in calendar year. 2020 (CBPP). In my opinion, I think it was a great idea on the part of the government to help its citizens from the great blow that…
The coronavirus has had a very astounding impact on the United States economy, and its impact is still lingering on to this day. For this weeks blog post I chose to write about Andrew Van Dam's article "The U.S. has thrown more than $6 trillion at the coronavirus crisis. That number could grow." I thought this article was fitting to write about because we are discussing government intervention in the economy this week in class. In this article, Dam states that the US government has already put $6 trillion into trying to counteract the economic impacts that the worldwide shut down had on families all across the US. In 2020, the government spending on coronavirus relief was a quarter of…