The government uses fiscal policy to give the economy a boost during times of a recession. The government helps the economy through reduced taxes and increased spending. Lowering taxes means more money for the consumer to spend ...
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...n an effort to stimulate the economy. The ARRA contained $787 billion in tax cuts and spending. According to The Editorial Board (2014), the stimulus “created or saved an average of 1.6 million jobs a year for four years” and “raised the nation’s economic output by 2 to 3 percent from 2009 to 2011” (para. 3). The Federal Reserve utilized monetary policy by lowering interest rates in 2008. According to Kirchhoff & USA Today (n.d.), the Federal Reserve lowered “interest rate to a record low range of zero to 0.25%” (para.). The reduced interest rates will make it more cost effective for consumers and businesses to borrow money. This borrowed money can be used by consumers and businesses for a variety of purchases which results in helping the economy. Fiscal and monetary policies are great tools the government can use to get the economy healthy during a recession.
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