Wait, Did the Stimulus Work? - Economix Blog - NYTimes.com ... job cuts began shrinking just as the stimulus was going into effect last year, and the stock market began rising shortly after it passed. The stimulus was by no means the only reason, but it appears to have been a significant one. Based on its economic models, the Congressional Budget Office recently estimated that between 1.4 million and 3.4 million workers who have jobs would be unemployed if the stimulus hadnâ€™t been enacted. Three of the best-known private economic research firms â€” IHS Global Insight, Macroeconomic Advisers and Moodyâ€™s Economy.com â€” have come up with similar estimates. The average estimated effect on employment is about 2.5 million jobs.