Provide Improvements At
March 11, 2011 - The U.S. Department of Transportation’s
Federal Aviation Administration (FAA) on Thursday
celebrated the completion of terminal improvements at
“Investing in our nation’s airports provides an important avenue for economic growth and helps us compete in the global economy,” said U.S. Transportation Secretary Ray LaHood.
“These improvements at
The $7.8 million grant paid for improvements to Terminal
“A,” including departure gates, the security checkpoint
and replacement of two passenger boarding bridges. The
funding became available because other Recovery
Act-funded airport projects came in under budget.
infrastructure at airports such as Asheville Regional is an
important use of Recovery Act dollars, which are helping to
improve airport operations locally and across the
Recovery Act, more than $1.3 billion has been made available
nationwide for both airport improvement projects and air traffic
control facility and system upgrades.
Because of low construction bids for projects, more
Recovery Act dollars were available for additional facilities,
equipment and airport projects.
These grants have been distributed to airports that serve
commercial passengers, cargo and general aviation.
American Recovery and Reinvestment Act of 2009, abbreviated ARRA
(Pub.L. 111-5) and commonly referred to as the Stimulus or The
Recovery Act, is an economic stimulus package enacted by the
111th United States Congress in February 2009.
The stimulus was intended to create jobs and promote investment and consumer spending during the recession. The rationale for the stimulus comes out of the Keynesian economic tradition that argues that government budget deficits should be used to cover the output gap created by the drop in consumer spending during a recession.
consensus (a blend of thinking from New Keynesian and New Neo-classical
theory in economics) favors monetary over fiscal policy like the fiscal
stimulus. However, the Federal Reserve had already cut interest rates to
zero, greatly reducing their policy options. The flow of finances was
stagnated because of a liquidity trap, or an over leveraged/broke
banking system, also limiting monetary policy effectiveness.
economists agreed a fiscal stimulus was needed under these conditions,
others maintained that fiscal policy would not work because government
debt would use up savings that would otherwise go to investments, what
economists call crowding out. Proponents countered that the negative
effects of crowding out are limited when investment has already
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