US President Barack Obama
According to the news earlier, US President Barack Obama’s massive stimulus package has created up to 1.1m jobs. The $787bn package, known as the American Recovery and Reinvestment Act, has also significantly boosted economic activity. The report on the act said it boosted US GDP by 2-3% between April and June.
The strengthening economy means some state support efforts can be brought to an end, US Treasury Secretary Timothy Geithner also said. The financial system is showing very important signs of repair. Entering this new phase, we must begin winding down some of the extraordinary support we put in place for the financial system, he also added.
But Mr Geithner said the US economy was not out of the woods yet. Still have a long way to go before true recovery takes hold. There are fears that economic recovery may stall when the stimulus packages run out, or are withdrawn.
Report also pointed out that the US economy shrank at an annual pace of 1% between April and June, while the unemployment rate hit 9.7%, a 26-year high, in August. Thus, without the stimulus, both economic measures would have been even worse. The area where the stimulus package, passed in February, has been greatest is in directly helping those hit hardest by the recession. As of the end of August, $151.4bn had gone to American taxpayers and businesses in the form of tax reductions, the news added.
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