Returning from his desert sojourn, President Bush is facing tanking stock markets, a housing collapse that, as long predicted, is pulling down the whole economy, an enfeebled currency, and a do-nothing political climate both in Washington and on the campaign trail. His response: a pipsqueak economic stimulus plan.
According to a report yesterday from the Center on Budget and Policy Priorities, Bush’s scheme is a lot of hot air. Robert Greenstein, executive director of the center, said the rebate temporarily eliminating the 10 percent income tax bracket isn’t aimed at the people who would spend the money. “This plan would bypass altogether, or provide only partial help to, the more than 40 percent of tax filers — over 50 million filers — with the most modest incomes. Families of four below $40,950 would get partial help or nothing at all.”
You can read the center’s report at www.cbpp.org, along with more effective suggestions for economic stimulus.