Create a personalised ads profile. Select personalised ads. Apply market research to generate audience insights. Measure content performance. Develop and improve products. List of Partners vendors. Congress in response to the Great Recession of It is more commonly known as the "stimulus package of " or simply the "Obama stimulus. This government spending was to compensate for a slowdown in private investment in that year. Lawmakers began work on the bill in the months leading up to President Barack Obama's inauguration in January Aides to the incoming president collaborated with members of the U.
Congress, and a streamlined amendments process allowed for passage in the House of Representatives on January 28, The U. Senate passed its version on the 10th of February. Fast-moving conference negotiations followed, and Democratic congressional leaders ultimately agreed to cut back the bill's spending in order to attract a handful of Republican votes.
President Obama signed the bill into law on February 17, Among the primary initiatives introduced by the ARRA were:. Contemporary reactions to the ARRA were originally a mix of positive and negative, mostly predictably falling along partisan lines, but with a high degree of good-faith disagreement among economists as to the wisdom and expected results of massive fiscal stimulus.
Supporters felt that the stimulus spending was not sufficient to draw the national economy out of the recession. Economics professor and columnist Paul Krugman, in a November New York Times op-ed article, declared the ARRA an early success—"working just about the way textbook macroeconomics said it would"—with its only failing being that it did not go far enough in reviving the U.
Krugman argued that the stimulus had helped the economy to start growing again, with the gross domestic product GDP growing at a faster-than-expected rate at the time. However, the pace of GDP growth was not robust enough to reverse unemployment in the years to come.
Opponents of the ARRA felt that the massive government spending would invariably be inefficient and hampered by bureaucratic obstacles. Asserting "the economic arguments for ARRA were badly dated and erroneous," he insisted that government incentives to private spending and hiring would prove more powerful than flooding the economy with unearned dollars.
More than a decade later, the lack of a conclusive counterfactual scenario makes evaluation of the ARRA difficult. It is impossible to say with precision what direction the economy would have taken without the ARRA. Probably the most reliable way to do so is to compare the alternative economic projections used to justify the ARRA to the actual results.
Harvard economist Gregory Mankiw and others did just this by tracking the actual U. This suggests that the ARRA may have actually dramatically increased unemployment rates and helped delay the economic recovery.
Economic conditions in the U. Buy American "Certificate of Compliance" sometimes referred to as a "certification" is a document that the prime contractor on an ARRA-funded project signs and submits to the granting U.
Often prime contractors require sub-contractors to sign a Certificate of Compliance in order to pass on liability, though contractors should only sign such a Certificate of Compliance when they are certain they comply with the requirements, as signing such a certificate falsely is a serious offence.
If the project value exceeds this threshold, then all purchases going into the project are covered by the exemption. The value of the project as a whole should be the value of the prime contract awarded by the government entity. The project owner, prime contractor or distributor should be able to provide the project value or estimated project value for a contract that has not yet been awarded.
It is important for Canadian companies seeking opportunities in ARRA funded projects to be aware of the limitations created by the ARRA Buy American provisions, but should note the new exemptions to these provisions.
In addition, waivers can still be obtained for opportunities that fall outside the seven exempt programs but are still ARRA funded. This does not constitute, and should not be used as, legal advice. If you require a plug-in or third-party software to view this file, please visit the alternative formats section of our help page.
Archived information Information identified as archived is provided for reference, research or recordkeeping purposes. Other Key Information 1. Buy America n Essentials 1. Report a problem or mistake on this page. Date Modified: The American Recovery and Reinvestment Act of Recovery Act - which President Obama signed into law on February 17th, - was an unprecedented action to stimulate the economy.
The goal of SGDP was to demonstrate new and more cost-effective smart grid technologies, tools, techniques, and system configurations that significantly improve on the ones commonly used today. The Recovery Act also provided funding for more than 50 smart grid workforce development projects that helped prepare the next generation of workers in the utility and electrical manufacturing industries and six projects that strengthened the capabilities for long-term analysis and planning in the three interconnections serving the lower 48 states.
Funding also allowed states to hire new staff and retrain existing employees to ensure they can quickly and effectively review proposed electricity projects, supported the development of interoperability standards, and allowed 47 states, Washington DC, and 43 cities to develop energy assurance plans for natural disasters.
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