Economists agree: Stimulus created nearly 3 million jobs - USATODAY.com A recent study by two prominent economists generally agrees, crediting the pump-priming with averting "what could have been called Great Depression 2.0." Eighteen months later, the consensus among economists is that the stimulus worked in staving off a rerun of the 1930s. But the spending's impact was dwarfed by other crisis-fighting tools deployed by the Bush and Obama administrations, including costly efforts to stabilize crippled banks and the Fed's unconventional monetary policy. "I think it was important for confidence. ... But fiscal stimulus was the least important of the three planks of the government's strategy," said Harvard University's Kenneth Rogoff, former chief economist of the International Monetary Fund.