Shrub’s Hot Air Economic Balloon

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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.

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In "It's Not a Crisis. This Is the New Normal," we explain, as matter-of-factly as we can, what exactly our finances look like, how brutal it is to sustain quality journalism right now, what makes Mother Jones different than most of the news out there, and why support from readers is the only thing that keeps us going. Despite the challenges, we're optimistic we can increase the share of online readers who decide to donate—starting with hitting an ambitious $300,000 goal in just three weeks to make sure we can finish our fiscal year break-even in the coming months.

Please learn more about how Mother Jones works and our 47-year history of doing nonprofit journalism that you don't find elsewhere—and help us do it with a donation if you can. We've already cut expenses and hitting our online goal is critical right now.

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