Homework answers / question archive / Here is an example of fiscal policy in action: in 2007, [the reason I am not using the CARES act as it is too early to tell what effect this will have on our economy] the economy started to wavier and slide into a downturn which eventually became generally known as the Great Recession

Here is an example of fiscal policy in action: in 2007, [the reason I am not using the CARES act as it is too early to tell what effect this will have on our economy] the economy started to wavier and slide into a downturn which eventually became generally known as the Great Recession

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Here is an example of fiscal policy in action: in 2007, [the reason I am not using the CARES act as it is too early to tell what effect this will have on our economy] the economy started to wavier and slide into a downturn which eventually became generally known as the Great Recession. President Bush was advised to initiate a fiscal policy stimulus called Economic Stimulus Act of 2008 on February 13, 2008. Some of the actions this bill took were: 

eliminating taxes on the first $6,000 of taxable income for individuals and the first $12,000 of income for couples. A stimulus rebate check was mailed out to 130 million taxpayers, in amounts as follows: 

Individuals would receive up to $600.

Married couples would get up to $1,200.

Those with children would be sent $300 per dependent child. 

The Bush stimulus sent 20 million retirees on Social Security and disabled veterans a check. Individuals received $300 each while couples received $600 if they earned at least $3,000 in benefits. But those who were only on Supplemental Security Income did not receive checks (Pub.L. 110-185, 122 Stat. 613) 

The objective of the stimulus was to keep people spending rather than hoarding the money or worse, use it to pay down debt, which is what most of us did. The net effect was that a slump occurred and a worsting of the economy took place. Have there been successful stimulus packages, yes, right after WWII Congress lifted oppressive taxation and allowed great tax benefits for those that were first time home buyers, which gave us the great 50s, 60s, and earlier 70s, before stagflation took over, but more on that later.

What's your opinion on the top discussion post.