Five Effective Economic Recovery Tools

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Five Effective Economic Recovery Tools

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Although too many Oregonians are not experiencing economic recovery, the available data show that the recession would have been worse but for the American Recovery and Reinvestment Act of 2009 (the Recovery Act, or ARRA).

Five Effective Economic Recovery Tools

Federal Recovery Act’s major direct assistance programs prove their worth

Although too many Oregonians are not experiencing economic recovery, the available data show that the recession would have been worse but for the American Recovery and Reinvestment Act of 2009 (the Recovery Act, or ARRA). Signed into law by President Obama in February of last year, the act has preserved and created jobs in Oregon while spurring economic activity in the state.

Key in the Recovery Act’s positive economic impact have been five provisions that have put money in the hands of individual Oregonians likely to spend it quickly, thereby pumping more than $1.5 billion dollars into Oregon’s economy. These five major direct assistance provisions are (1) the expansion of Supplemental Nutrition Assistance Program (SNAP, formerly known as the food stamp program) benefits, (2) an increase in the amount of unemployment insurance benefits, (3) an extension of unemployment insurance coverage periods, (4) a cash payment to elderly and disabled Oregonians and (5) the Making Work Pay tax credit. Along with aid to states, these provisions were the act’s primary tools for confronting the recession in 2009.

The Recovery Act has protected thousands of Oregon families from the worst of the recession’s effects and has helped stabilize Oregon’s economy. While Oregon and the nation have yet to achieve a solid recovery, that does not mean that the Recovery Act failed, as some have suggested. The recession turned out to be longer and deeper than many anticipated, and few promised that the Recovery Act was a silver bullet. But as the five provisions discussed in this paper show, the Recovery Act has generated economic growth and saved and created jobs.

Read the full report here: Five Effective Economic Recovery Tools

OCPP

OCPP

Written by staff at the Oregon Center for Public Policy.

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