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But the impact of such spending could be offset by state cutbacks.
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On the other side, households and other non-financial institutions, whose financial hardship is at the heart of the crisis, have received very limited help, especially when one considers that federal spending stimulus is increasingly being offset by states' respective fiscal crises.
At least half of America's federal budget stimulus this year could be offset by a fiscal tightening by state governments, which are required by their constitutions to balance their budgets even if a downturn is reducing revenues.
They subsequently changed their policy position, and now intend to gift the licenses to existing operators, arguing that the one-off capital gain for current license owners will be offset by increased returns to the state over the life of the license.
This is because under a nationwide cap-and-trade system, any additional emission reductions achieved in California will be offset by fewer reductions in other states.
Thus, states will be responsible for about 12.5percentt of Medicaid costs over the long run, meaning that 1/8 of any estimated federally-induced job gains would be offset by corresponding job losses arising from state taxes required for the Medicaid match.
But Mr. Zandi said their lost jobs were likely to be offset by jobs created by flows of federal and state money for rebuilding.
He promised to fight for those dollars, but warned that the money would need to be offset by "more painful cuts in the operations of state government".
And they can be offset by losses.
In China and India, the low growth rate of private investment is offset by rapidly growing state investment of over 20percentt; whereas in the U.S., state investment only rose by 1.2percentt up to Q2 of 2016.
And much of that injection was offset by cuts in state and local government spending.
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