With the unemployment rate still at the forefront of public concerns, the CBO said the stimulus package also created between 1.4 million and 3.6 million jobs during the same period. The stimulus did not, however, decrease the unemployment rate to below 8 percent, as the Obama administration promised when it sold the stimulus at the height of the recession. That figure remains at 9.6 percent, a rate the CBO believes would be between 10.4 percent and 11.6 percent without the Recovery Act.
If the CBO numbers are to be believed, the report is but one more piece of evidence that shows that the effects of the worst recession since the 1930s were greatly mitigated by the stimulus, Reuters reported.
The CBO also added that the positive effects of the stimulus package had likely peaked and will continue to decline looking forward to 2011.
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