The $787 billion stimulus package the country could not survive without in February fell flat as President Obama’s top economic aide said the package has already seen its biggest impact on the economy.
Christina Romer, chair of the Council of Economic Advisors explained, the $194 billion spent in the second and third quarters of this year provided the largest bang and any additional money infused into the economy would not contribute to any significant growth in the economy next year.
In other words, the stimulus failed.
In a meeting with a congressional panel, Romer said the impact of the stimulus will continue to level off.
Romer also pointed out the $787 billion saved or created 600,000 to 1.5 million jobs. She also warned the congressional panel that unemployment would hover around the 10 percent mark through the end of 2010.
The grim unemployment numbers will further dampen economic recovery and slow growth for the average American looking for the light at the end of the tunnel.
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