White House says stimulus plan creating 3.6 million jobs

08:40, July 15, 2010      

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The White House said Wednesday that President Barack Obama's stimulus package had raised employment by up to 3.6 million jobs.

According to a quarterly report released by Vice President Joe Biden and Chair of the Council of Economic Advisers Christina Romer, the 787 billion dollar Recovery Act which was signed into law shortly after President Obama took office, had helped the economy back on the right track.

"Are we heading in the right direction? Are the prescriptions we took in this administration taking the country in the right direction after (the economy fell) off a cliff?" Biden asked.

"Is there reason for people to be hopeful? -- My argument is there is." Biden said.

The White House said that as of the second quarter of 2010, the stimulus act had raised employment by between 2.5 and 3.6 million jobs.

Romer estimated that the plan had raised economic growth by between 2.7 and 3.2 percent.

Obama signed the 787 billion dollar stimulus package in February 2009, aimed at boosting the U.S. economy after the collapse of the financial market in fall 2008.

But unemployment, currently at 9.5 percent, is expected to keep at high level throughout the year. About 8 million Americans lost their jobs since the beginning of the recession in December 2007. A total of about 15 million people remain unemployed.

Recent poll showed that the U.S. public is losing confidence about the government's economic policy.

In a Washington Post-ABC News poll published this week, only 43 percent of those surveyed said they approved of Obama's handling of the economy.



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