金融Essay举例：Implementation of Fiscal Policies in the US
本文是金融专业的Essay范例，题目是“Implementation of Fiscal Policies in the US（美国财政政策的实施）”，在监测经济状况时，当我国开始走向衰退时，美联储将主要使用扩张性货币政策体系。他们从降低联邦基金利率开始，这降低了总利率，鼓励公司和企业购买设备，雇佣更多的工人和借贷更多的钱。对于消费者来说，较低的利率通常会激励个人花更多的钱，并鼓励购买更大的物品，如汽车和娱乐车辆。随着利率的降低，我们也看到了住房市场的改善。
When monitoring the state of the economy, the Federal Reserve will mainly use the system of expansionary monetary policy when our nation begins moving into the direction of a recession. They begin by reducing the federal funds rate which decreases the total interest rates and encourages corporations and businesses to buy equipment, hire more workers and borrow more money. For the consumer, lower interest rates motivate individuals to spend more money in general and encourages the purchase of larger items like, automobiles and recreational vehicles. With lower interest rates we also see an improvement in the housing market as well.
Immediately after the 911 attacks and to reduce wide-spread financial panic, the Federal Reserve made several timely calculations that softened the effect of terrorism on the US. They immediately announced, “The Federal Reserve System is open and operating. The discount window is available to meet liquidity needs” (Makinen, 2002, p.15). Additional actions by the Fed included, pumping $100 billion/day into the financial system, negotiating with three major foreign Banks to exchange dollars for foreign currency adding an additional $90 billion, they lowered key federal fund rates at the New York Stock Exchange, and lowered rates three additional times over the next quarter (Makinen, 2002, p.16). This 911 snapshot is just one example of the use of monetary policy.
911袭击发生后，美联储(Federal Reserve)立即进行了几次及时的计算，减轻了恐怖主义对美国的影响，以减少广泛蔓延的金融恐慌。他们立即宣布:“联邦储备系统是开放和运行的。贴现窗口可用来满足流动性需求”(Makinen, 2002，第15页)。美联储的其他行动包括，每天向金融系统注入1,000亿美元，与三家主要外资银行谈判将美元兑换成外汇，再加上900亿美元，他们降低了纽约证券交易所的主要联邦基金利率，并在下一个季度中三次降低利率(Makinen, 2002年，第16页)。这张911快照只是运用货币政策的一个例子。
Another system the Government will use to combat recession and reduce unemployment is by implementing what is known as fiscal policy. Through the use of fiscal policy, the government will generate more jobs by expanding government spending and lowering taxes. “Lower taxes increase disposable income and therefore help to increase consumption, leading to higher aggregate demand (AD)” (Pettinger, 2019).
The Bush tax cuts of 2001 and 2003, are examples of the government lowering taxes to create more disposable income for consumers. “The Bush administration designed the tax cuts to stimulate the economy and end the 2001 recession” (Amadeo, 2019). This plan also increased the child tax credit that could be claimed from $500 to $1,000 as well as providing several other tax relief or tax reduction benefits (Amadeo, 2019). The 2009 Economic Stimulus Program is an example of the government creating jobs by increasing Government spending on projects. The Stimulus Program included plans to improve affordable health care, give tax relief, increase educational opportunities, and improve our nation’s energy independence, to name a few (Wikipedia, 2020). Both fiscal and monetary policy strategies seem to have their pros and cons but striking some type of balance between the two methods should bring about a healthy balance for the economy.
布什2001年和2003年的减税政策就是通过减税为消费者创造更多可支配收入的例子。“布什政府设计了减税来刺激经济并结束2001年的衰退”(Amadeo, 2019)。该计划还将儿童税收抵免从500美元增加到1000美元，并提供其他几项税收减免或减税优惠(Amadeo, 2019年)。2009年的经济刺激计划就是通过增加政府在项目上的支出来创造就业机会的一个例子。刺激计划包括改善可负担的医疗保健、减税、增加教育机会和提高我国能源独立等计划(维基百科，2020年)。财政和货币政策策略似乎各有利弊，但在这两种方法之间取得某种类型的平衡应该会为经济带来健康的平衡。
When the government uses fiscal policy to combat recession, the lowering of taxes creates more disposable income for the consumer and for businesses as well. This coupled with increases in government spending on programs and projects encourages companies to produce more. Once companies produce more and consumers have additional disposable income, there begins to be an increase in need for more workers to produce added product and services. John Keynes was an famous economist who believed in using fiscal policy during a “prolonged” recession (Pettinger, 2019). “He argues that in a recession, resources (both capital and labour) are idle. Therefore, the government should intervene and create additional demand to reduce unemployment” (Pettinger, 2019). Some cons to using this approach requires higher government debt due to borrowing, which for some countries can be problematic if they are already operating with high levels of national debt. Another con to this fiscal approach is that consumers may choose to save the money from the increase in disposable income, instead of spending. Inflation is another negative side effect.
Individuals leaving jobs for one reason or another to find another job, new graduates, and those who are re-entering the workforce after an absence, is known as frictional unemployment. Frictional unemployment can actually be healthy for the economy as it allows individuals to leave one job for a better job that is a better match for them. This is beneficial to both the individual and the employer in finding the right person for the job. Frictional unemployment is constantly occurring in the economy and there is not much that the government can do. Frictional unemployment is the least important factor in determining the health of the economy.
由于这样或那样的原因离开工作岗位去寻找另一份工作的人，刚毕业的大学生，以及那些在离职后重新进入劳动力市场的人，被称为摩擦性失业。摩擦性失业实际上对经济是有益的，因为它允许个人离开一份工作，去找一份更好的、更适合自己的工作。这对个人和雇主都有好处，可以为工作找到合适的人选。摩擦性失业在经济中不断发生，政府对此无能为力。摩擦性失业是决定经济健康的最不重要的因素。
Structural unemployment is when individuals remain unemployed for long period of time because there is a disparity between their skill level and the technicality of the job, or there are workers available within a certain geographical area, but no jobs available. Policies that would reduce unemployment could include education and training for employees to help them increase their skill level to be able to compete for jobs. Another idea is stricter unemployment benefits which would encourage unemployed workers to accept a job or risk losing unemployment benefits. Capping the length of time one can claim unemployment and/or implementing a lifetime cap an individual can collect unemployment benefits is also a strategy. Critics of this method will argue the reverse. By extending additional benefits to the unemployed, they will in turn continue to use their purchasing power to support demand, which will positively effect supply and production.
An example of implementing stricter unemployment benefits is a new law that passed in the state of Arizona, which has the second lowest unemployment benefits in the US. Under the new law, which took effect in August 2018, after four weeks of collecting unemployment an individual “would have to take any job where the employer is offering to pay at least 20 percent more than they are collecting in benefits” (Howard Fischer Capitol Media Services, 2018, p. 1). Arizona law limits weekly unemployment checks to $240.00 no matter what the individual was earning previously. “That means someone would have to take any work that pays at least $288 a week, the equivalent of about $15,000 a year, no matter how much she or he was earning before” (Howard Fischer Capitol Media Services, 2018, p. 2).
实施更严格失业福利的一个例子是亚利桑那州通过的一项新法律，该州的失业福利是美国第二低的。根据2018年8月生效的新法律，在领取失业救济金四周后，个人“必须接受雇主提供的福利至少比他们领取的多20%的工作”(霍华德·费舍尔国会媒体服务公司，2018年，亚利桑那州的法律规定，无论个人以前的收入如何，每周的失业支票不得超过240美元。“这意味着，无论她或他以前挣多少钱，都必须接受每周至少288美元的工作，相当于每年约1.5万美元”(Howard Fischer Capitol Media Services, 2018，第2页)。
Extending tax breaks and incentives to companies who keep their business and employment within the US or set up businesses in depressed locations nationally, creating new jobs and revitalizing the area, is another way to combat recession. President Trump’s tax reform law fashioned a new program called the Opportunity Zone program, which is intended to give tax incentives to those who invest in depressed areas. “Investors who have capital gains can roll that money into an Opportunity Fund, which will then invest in local businesses or projects such as multi-family housing developments that are an approved Opportunity Zone” (Fossyl, 2018). Georgia Governor Nathan Deal said concerning the Opportunity Zone Program, “By attracting more private investment to underserved areas, the tax incentives for Qualified Opportunity Zones will further encourage businesses to invest in the communities that need it most, while also creating meaningful employment opportunities across the state” (Fossyl, 2018).
将税收减免和激励措施扩大到那些将业务和就业留在美国境内，或在全国萧条地区开办企业、创造新就业机会、重振该地区的企业，是对抗衰退的另一种方式。特朗普总统的税收改革法制定了一个名为“机会区”(Opportunity Zone)的新项目，旨在为那些在萧条地区投资的人提供税收优惠。“拥有资本收益的投资者可以将资金投入一个机会基金，该基金将投资于当地企业或被批准为机会区(Opportunity Zone)的多户型住宅开发项目”(fossil, 2018)。乔治亚州州长内森·迪尔(Nathan Deal)就机会区计划表示:“通过吸引更多私人投资到服务水平低下的地区，合格机会区的税收优惠将进一步鼓励企业投资于最需要它的社区，同时也在全州创造有意义的就业机会”(fossil, 2018)。
“Government incentives” was one of the top reasons several US manufacturing companies have decided to keep or expand their US manufacturing operations here in the US (Comen, 2018, p. 3). Among the top manufacturing companies committing to increase investments and jobs in the US economy is Apple, General Motors, Boeing, Ford and Intel. The combined total of new jobs for American workers is over 52,000 from these five companies alone (Comen, 2018, pp. 1–3). The impact Intel will have on the creation of jobs over the next few years in the State of Arizona, is over 10,000 projected, high-wage positions (Comen, 2018, p. 2).
“政府激励”是其中一个最主要的原因有几个美国制造业公司已决定保留或扩大其美国制造业业务在美国(2018年,可能有货源,p。3)。在前制造企业致力于增加投资和就业在美国经济是苹果,通用汽车(General Motors)、波音公司、福特和英特尔。仅这五家公司就为美国工人创造了超过52,000个新工作岗位(Comen, 2018，第1-3页)。未来几年，英特尔将在亚利桑那州创造超过10,000个高工资岗位(Comen, 2018，第2页)。
In 2001, the 911 terrorist attack on the US brought about an enormous shake-up for the US economy and unemployment. The effects were felt globally. The US labor market suffered the effects immediately with mass layoffs. Companies had already announced their intention to layoff over one million employees due to the recession that began in March 2001 (Makinen, 2002, p. 53). This coupled with the 911 terrorist attacks lead to an unprecedented number of layoffs. “The air transportation industry laid off 38% of these employees, and the accommodations (hotel and motel) industry, 23%” (Makinen, 2002, pp. 53-54). Five states, California, Nevada, Illinois, New York and Texas were the hardest hit with 33 states claiming layoffs as a result of 911. During this time period, it became increasing difficult for individuals to get a job (Makinen, 2002, p. 54). Both frictional and structural unemployment were affected. Those skilled workers laid off had a difficult time gaining employment elsewhere, as companies nationally were downsizing operations, and those individuals who had been unemployed for long periods of time had less opportunities available for work with less disposable income to gain the skills needed.
Other major events that have affected unemployment is the 2005 hurricanes, Katrina and Rita. “Excluding people whose work was disrupted only for a few days, the combined direct effect of Hurricanes Katrina and Rita on employment was probably the loss of between 293,000 and 480,000 jobs” (Holtz-Eakin, 2005). With Katrina nearly destroying New Orleans by severe flooding and Rita crippling communities in Texas and Louisiana, jobs were lost that would never be recovered and individuals and families displaced for long periods of time or permanently. “The labor force in the coastline counties of Louisiana and Mississippi changed considerably during the 2005 hurricane season” (Coughlin, 2012, p. 14). “The high unemployment rates in Louisiana and Mississippi statewide—but especially in their coastline counties—exhibited in September 2005 are well above the rates of the previous year” (Couglin, 2012, p. 14). These two natural disasters affected all types of unemployment. Skilled workers had no place to work or live. Individuals who had been unemployed now faced more hardships in relocating out of disaster areas. Temporary reconstruction and rebuilding jobs may have been created, however the overall job loss was staggering.
其他影响失业的主要事件是2005年的飓风卡特里娜和丽塔。“不包括那些工作只中断了几天的人，卡特里娜飓风和丽塔飓风对就业的直接影响可能是293000到48000个工作岗位的损失”(Holtz-Eakin, 2005)。卡特里娜飓风在严重的洪水中几乎摧毁了新奥尔良，丽塔飓风摧毁了德克萨斯州和路易斯安那州的社区，人们失去了永远无法恢复的工作，个人和家庭在很长一段时间或永久地流离失所。“2005年飓风季节，路易斯安那州和密西西比州沿海县的劳动力发生了很大变化”(Coughlin, 2012, p. 14)。“2005年9月，路易斯安那州和密西西比州的高失业率——尤其是沿海地区的高失业率——远远高于前一年的失业率”(考克林，2012，第14页)。这两场自然灾害影响到所有类型的失业。技术工人没有地方工作或生活。失业的个人现在面临着更多的困难，从灾区重新安置。临时的重建和重建工作可能已经创造出来，但整体的工作岗位损失是惊人的。
Governments are often concerning themselves with the effects of inflation and recession, but equally as important is the matter of unemployment in our nation. Individuals and businesses need to feel confident in their future. They need to feel that things will get better. With this hope and confidence comes trust, which leads to investment, savings and education to improve skills for a better tomorrow. These factors are keys to success in economic recovery and balance, especially after unforeseen disasters take place.
政府常常关心通货膨胀和衰退的影响，但同样重要的是我国的失业问题。个人和企业需要对自己的未来充满信心。他们需要感觉事情会变得更好。有了这种希望和信心，信任就会产生，信任会带来投资、储蓄和教育，以提高技能，迎接更美好的明天。这些因素是经济复苏和平衡取得成功的关键，特别是在发生不可预见的灾难之后。
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