Show Me the Money!

Oh no! Which side to pick!? (Picture attributed to AZRainman : Photoshop Satire. Some rights reserved.)

In a statement earlier today, President Bush proposed that approximately $145 billion be infused into the U.S. economy. To be specific:

[He called] for roughly $145 billion in tax relief for individuals and businesses that he said would “provide a shot in the arm” for the economy, while Congressional Democrats, in a rare show of Washington bipartisanship, pledged to work with him to enact a plan quickly.

An interesting note about his statement: it did not contain the word "recession." And why would it? Wall Street isn't amid a recession, but a slump! According to this entry from about.com:

The standard newspaper definition of a recession is a decline in the Gross Domestic Product (GDP) for two or more consecutive quarters.

So, according to the standard definition, the U.S. isn't in a recession yet. Not surprisingly:

[The standard] definition is unpopular with most economists... [because] by using quarterly data this definition makes it difficult to pinpoint when a recession begins or ends. This means that a recession that lasts ten months or less may go undetected.

Oh well. Whether a recession or a slump or "a risk of a downturn" (as eloquently stated by Bush), the U.S. economy is in trouble. This article, from a Canadian newspaper site (which should have an internationally objective view on the matter), suggests that Bush's proposal is too little too late:

Tax cuts and business incentives will take months to work... When the relief gets there, it may do little to stimulate the economy, as many Americans are now so worried about their financial security that they could merely save their small windfall rather than spend it.

Too little? Maybe. Too late? Well, at least he's doing something. At least he's not chillin' at his Texas ranch this time.