金融Essay舉例：Implementation of Fiscal Policies in the US
本文是金融專業的Essay范例，題目是“Implementation of Fiscal Policies in the US（美國財政政策的實施）”，在監測經濟狀況時，當我國開始走向衰退時，美聯儲將主要使用擴張性貨幣政策體系。他們從降低聯邦基金利率開始，這降低了總利率，鼓勵公司和企業購買設備，雇傭更多的工人和借貸更多的錢。對于消費者來說，較低的利率通常會激勵個人花更多的錢，并鼓勵購買更大的物品，如汽車和娛樂車輛。隨著利率的降低，我們也看到了住房市場的改善。
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襲擊發生后，美聯儲(Federal Reserve)立即進行了幾次及時的計算，減輕了恐怖主義對美國的影響，以減少廣泛蔓延的金融恐慌。他們立即宣布:“聯邦儲備系統是開放和運行的。貼現窗口可用來滿足流動性需求”(Makinen, 2002，第15頁)。美聯儲的其他行動包括，每天向金融系統注入1,000億美元，與三家主要外資銀行談判將美元兌換成外匯，再加上900億美元，他們降低了紐約證券交易所的主要聯邦基金利率，并在下一個季度中三次降低利率(Makinen, 2002年，第16頁)。這張911快照只是運用貨幣政策的一個例子。
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年的減稅政策就是通過減稅為消費者創造更多可支配收入的例子。“布什政府設計了減稅來刺激經濟并結束2001年的衰退”(Amadeo, 2019)。該計劃還將兒童稅收抵免從500美元增加到1000美元，并提供其他幾項稅收減免或減稅優惠(Amadeo, 2019年)。2009年的經濟刺激計劃就是通過增加政府在項目上的支出來創造就業機會的一個例子。刺激計劃包括改善可負擔的醫療保健、減稅、增加教育機會和提高我國能源獨立等計劃(維基百科，2020年)。財政和貨幣政策策略似乎各有利弊，但在這兩種方法之間取得某種類型的平衡應該會為經濟帶來健康的平衡。
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.
由于這樣或那樣的原因離開工作崗位去尋找另一份工作的人，剛畢業的大學生，以及那些在離職后重新進入勞動力市場的人，被稱為摩擦性失業。摩擦性失業實際上對經濟是有益的，因為它允許個人離開一份工作，去找一份更好的、更適合自己的工作。這對個人和雇主都有好處，可以為工作找到合適的人選。摩擦性失業在經濟中不斷發生，政府對此無能為力。摩擦性失業是決定經濟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).
實施更嚴格失業福利的一個例子是亞利桑那州通過的一項新法律，該州的失業福利是美國第二低的。根據2018年8月生效的新法律，在領取失業救濟金四周后，個人“必須接受雇主提供的福利至少比他們領取的多20%的工作”(霍華德·費舍爾國會媒體服務公司，2018年，亞利桑那州的法律規定，無論個人以前的收入如何，每周的失業支票不得超過240美元。“這意味著，無論她或他以前掙多少錢，都必須接受每周至少288美元的工作，相當于每年約1.5萬美元”(Howard Fischer Capitol Media Services, 2018，第2頁)。
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).
將稅收減免和激勵措施擴大到那些將業務和就業留在美國境內，或在全國蕭條地區開辦企業、創造新就業機會、重振該地區的企業，是對抗衰退的另一種方式。特朗普總統的稅收改革法制定了一個名為“機會區”(Opportunity Zone)的新項目，旨在為那些在蕭條地區投資的人提供稅收優惠。“擁有資本收益的投資者可以將資金投入一個機會基金，該基金將投資于當地企業或被批準為機會區(Opportunity Zone)的多戶型住宅開發項目”(fossil, 2018)。喬治亞州州長內森·迪爾(Nathan Deal)就機會區計劃表示:“通過吸引更多私人投資到服務水平低下的地區，合格機會區的稅收優惠將進一步鼓勵企業投資于最需要它的社區，同時也在全州創造有意義的就業機會”(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).
“政府激勵”是其中一個最主要的原因有幾個美國制造業公司已決定保留或擴大其美國制造業業務在美國(2018年,可能有貨源,p。3)。在前制造企業致力于增加投資和就業在美國經濟是蘋果,通用汽車(General Motors)、波音公司、福特和英特爾。僅這五家公司就為美國工人創造了超過52,000個新工作崗位(Comen, 2018，第1-3頁)。未來幾年，英特爾將在亞利桑那州創造超過10,000個高工資崗位(Comen, 2018，第2頁)。
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.
其他影響失業的主要事件是2005年的颶風卡特里娜和麗塔。“不包括那些工作只中斷了幾天的人，卡特里娜颶風和麗塔颶風對就業的直接影響可能是293000到48000個工作崗位的損失”(Holtz-Eakin, 2005)。卡特里娜颶風在嚴重的洪水中幾乎摧毀了新奧爾良，麗塔颶風摧毀了德克薩斯州和路易斯安那州的社區，人們失去了永遠無法恢復的工作，個人和家庭在很長一段時間或永久地流離失所。“2005年颶風季節，路易斯安那州和密西西比州沿海縣的勞動力發生了很大變化”(Coughlin, 2012, p. 14)。“2005年9月，路易斯安那州和密西西比州的高失業率——尤其是沿海地區的高失業率——遠遠高于前一年的失業率”(考克林，2012，第14頁)。這兩場自然災害影響到所有類型的失業。技術工人沒有地方工作或生活。失業的個人現在面臨著更多的困難，從災區重新安置。臨時的重建和重建工作可能已經創造出來，但整體的工作崗位損失是驚人的。
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.
政府常常關心通貨膨脹和衰退的影響，但同樣重要的是我國的失業問題。個人和企業需要對自己的未來充滿信心。他們需要感覺事情會變得更好。有了這種希望和信心，信任就會產生，信任會帶來投資、儲蓄和教育，以提高技能，迎接更美好的明天。這些因素是經濟復蘇和平衡取得成功的關鍵，特別是在發生不可預見的災難之后。
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