What does RAARRA mean in LAW & LEGAL
The Recovery Act American Recovery and Reinvestment Act of 2009, P.L. No. 111-5 (RAARRA) was a major economic stimulus package passed by Congress and signed into law by President Obama in 2009. The legislation was intended to stimulate the U.S. economy during the Great Recession of 2008-2009.
RAARRA meaning in Law & Legal in Governmental
RAARRA mostly used in an acronym Law & Legal in Category Governmental that means Recovery Act American Recovery and Reinvestment Act of 2009, P.L. No. 111-5
Shorthand: RAARRA,
Full Form: Recovery Act American Recovery and Reinvestment Act of 2009, P.L. No. 111-5
For more information of "Recovery Act American Recovery and Reinvestment Act of 2009, P.L. No. 111-5", see the section below.
Essential Questions and Answers on Recovery Act American Recovery and Reinvestment Act of 2009, P.L. No. 111-5 in "GOVERNMENTAL»LAW"
What is RAARRA?
The Recovery Act American Recovery and Reinvestment Act of 2009, P.L. No. 111-5 (RAARRA) is an economic stimulus package created to stimulate the U.S. economy during the Great Recession of 2008-2009.
Who introduced RAARRA?
RAARRA was introduced by President Obama in 2009 and signed into law by Congress shortly afterwards.
What did RAARRA attempt to do?
RAARRA was aimed at revitalizing the job market, providing tax relief for families, extending unemployment benefits, increasing funding to states for infrastructure projects, and providing assistance to homeowners threatened by foreclosure.
What kinds of programs were included in RAARRA?
Programs included in RAARRA extended unemployment benefits to those affected by recession, increased funds for research & development incentives as well as energy efficiency incentives, initiated construction projects for roads & highways, provided additional funding for healthcare programs such as Medicaid & SCHIP, and provided tax credits for businesses hiring new employees or investing in new equipment to help them stay afloat during difficult times.
How effective has RAARRA been?
While it is difficult to quantify exactly the success of this program it appears that it did have a positive impact on the US economy slowing down the rate of job losses from 778K per month at its peak in January 2009 to just 11K per month by March 2011 according to data from the Bureau of Labor Statistics indicating that it had an overall positive effect on job growth since its inception.
Final Words:
All in all, while it is difficult to measure precisely how effective RAARRA has been due to its complexity, most reports indicate that it has had at least some positive effect on employment rates in America with millions benefiting from its implementation during a period when otherwise jobs would not have been available.