Monday, January 19, 2009

Stimulus package comparison

A lot of stimulus package numbers are being thrown around, so I'm trying to make sense of them. This is what I've come up with (for now)

Japan:

Under Aso's Cabinet: 64 trillion yen, (over US $700 billion) called "an emergency program of livelihood protection" Combined with an earlier package worked out under former Prime Minister Yasuo Fukuda's Cabinet of 11.5 trillion yen - puts total economic recovery measures at 75 trillion yen (over US $827 billion).
Addressing: the deteriorating job market and stabilizing the financial market
Specifics: offering housing to jobless people and stabilizing the financial market.
help dismissed workers such as temporary workers find housing; encourage employers to maintain employment and address problems concerning cancellations of informal job offers to students.

China


China (Nov 08) $600 billion which includes more government investment in infrastructure, tax deductions for exporters, and bigger subsidies to the poor and farmers.

China's package amounts to 14 percent of its likely gross domestic product (GDP)

US

The Emergency Economic Stabilization Act of 2008, commonly referred to as a bailout of the U.S. financial system: $700 billion passed in Oct 2008. The idea was that $250 billion would be used right away, $100 could be released by Pres Bush and the remaining $350 was to be released by Congressional vote (it was on January 14, 2009). What was actually released and promised, including to the car companies, goes something like this:

December 19, George W. Bush announced that he had approved to provide $13.4 billion now, with another $4 billion available in February 2009General Motors will get $9.4 billion and Chrysler $4 billion.

Separately President-elect Obama proposed as of Jan 14 '09:
$825 billion fiscal recovery plan called the American Recovery and Reinvestment plan.
$550 billion in new spending and $275 billion in tax relief middle class tax cut.




http://www.yomiuri.co.jp/dy/national/20081220TDY02308.htm
Extra! January 2009

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