Over history, the United States has faced various crises ranging from the financial crisis in 2008 to the COVID-19 pandemic in late 2019. Currently, the country faces unemployment issues among its citizens as a result of COVID-19. As expected, it is the responsibility of the United States government to intervene for its citizens to aid their wellbeing and lives. Therefore, this paper compares the different intervention acts in the United States to combat the respective crisis.
The Troubled Asset Relief Program (TARP) of 2008, Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020, and American Cares Act (ACA) of 2021 are among the passed bills in the history of America to help the citizens cope with the respective crisis. TARP was an initiative that was passed and signed by President George Washington to stabilize the country’s financial systems, maintain economic growth, and ease foreclosures (Wahl). CARES Act was a $2 trillion bill passed in 2020 and signed by President Donald Trump to support both small businesses and large companies, individuals, and families from the impact of coronavirus. COVID-19 had hit the economy and had taken a recession trajectory making life difficult for the vulnerable populace (Parolin et al.). ACA was a bill by Joe Biden to intervene for families and individuals that have greatly been affected due to COVID-19. Moreover, Joe Biden also proposed a job plan program which is currently in Congress for debate intended to create jobs for its citizens who have been affected by the pandemic.
In conclusion, the interventions Acts passed and signed by the respective presidents’ primary purpose was to restore the deteriorating economies due to the crisis experienced. TARP of 2008 was passed when the country had a financial crisis due to an economic standstill. Again, CARES Act was passed by Congress in 2020 to counteract the impacts of coronavirus that terrorized the United States economy. Lastly, ACA and the proposed job plan would intervene for the American citizens to mitigate the effects of COVID-19 on the lives of Americans
Works Cited
Parolin, Zachary, Megan Curran, and Christoper Wimer. The CARES Act and Poverty in the COVID-19 crisis: Promises and pitfalls of the recovery rebates and expanded unemployment benefits. No. 2048. Center on Poverty and Social Policy, Columbia University, 2020.
Wahl, Brian. “TARP Fund Allocation and Return to Taxpayers Post 2008.” 2019.