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The U.S. economy recently experienced the effects of an unprecedented mandated shutdown due to the cover-19...

The U.S. economy recently experienced the effects of an unprecedented mandated shutdown due to the cover-19 outbreak. Briefly explain how the Federal Government might choose to use their Fiscal Policy tools and what the main goal would be of the governments' actions.

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Answer #1

Some of the fiscal policies implemented by the federal government are :

  • The US government guaranteed interest free loan scheme for the businesses.
  • A particular cash grants were provided for small businesses in the field of hospitality and leisure industry.
  • Mortage holiday was provided for three months.
  • The business rates were eliminated for hospitality, leisure sectors and retail markets for the year for 2020.
  • Coronavirus job retention scheme were implemented.
  • Deferral of business VAT payments were made upto june 2020.
  • Universal credit standard allowance were also raised for the next 12 months.

The main goal of the government actions is to reduce the harm to humans as well as economic sectors from the great pandemic of covid -19.

Thanks!..

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