Summary of The New New Deal

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8 Style


As controversial as it is huge, the American Recovery and Reinvestment Act (ARRA) of 2009 was a historic piece of legislation, according to journalist Michael Grunwald. Grander in scope than Franklin D. Roosevelt’s New Deal policies, the Recovery Act evoked even more rancor and confusion than its 1930s predecessor. But while most of the debate centered on the bill’s short-term recovery prescriptions, its potentially transformative powers rest in the way it bets on the US economy’s long-term rehabilitation. Grunwald painstakingly recounts the background, genesis, formation and aftereffects of the law. He offers a detailed picture of the American political and economic environment in late 2008 and 2009. If you’re squeamish about the gory details of US politics, avoid the ugly particulars. Focus instead on the Recovery Act itself and its results so far, which, Grunwald says belie its perceived reputation as an abject failure. While always politically neutral, getAbstract recommends his work for its incisive look at what may turn out to be the beginning of the re-engineering of the American economy.

In this summary, you will learn

  • What the American Recovery and Reinvestment Act of 2009 says;
  • How opponents have largely succeeded in branding it a failure, despite its successes; and
  • How its long-term investments can transform the US economy.

About the Author

Michael Grunwald is an award-winning senior correspondent for Time magazine.



The Long and the Short of It
It seems that everyone – politicians, pundits and even most members of the public – has at one time or another excoriated the American Recovery and Reinvestment Act of 2009, the largest spending package in US history. Conventional wisdom paints the $831 billion...

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