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How Large Are the American Rescue Plan Fund Distributions to State and Local Governments?
In March of this year, the American Rescue Plan (ARP) authorized the US Department of the Treasury to distribute $350 billion to state and local governments through the legislation’s Coronavirus State and Local Fiscal Recovery Funds (SLFRF) to help speed the nation’s economic recovery from the COVID-19 pandemic. Since then, candidates and advocates have stepped forward to say what community challenges they will solve with the funds. When we hear that a county is receiving $500 million and a state is receiving $5 billion, both figures sound very large, but what we don’t know is how much ...
Discussion Paper
The Rural Reach of ARPA’s Development Grants in the Fifth District
The American Rescue Plan Act (ARPA), enacted in March 2021, contained economic development funding to invest in locally driven projects aimed at securing long-term regional growth. Proposals for these ARPA grants were solicited among American communities through six separate programs to address regional economic goals such as harnessing new industries, supporting workforce development, and enabling infrastructure. Through September 2022, $3 billion was ultimately awarded across 780 projects through a competitive process by the U.S. Economic Development Administration (EDA).This article ...
Journal Article
Is the American Rescue Plan Taking Us Back to the ’60s?
The American Rescue Plan provided fiscal support during a strong economic rebound, raising concerns about the risk of fueling inflation. One way to assess this risk of economic overheating uses the ratio of job vacancies to unemployment, which measures labor market slack more accurately and, hence, can predict future inflation better than the unemployment rate alone. Estimates suggest that the fiscal plan acts to temporarily raise the vacancy-to- unemployment ratio, in turn pushing up inflation by about 0.3 percentage point per year through 2022.