Recession - Schmecession!

All We Need Is More Tax Cuts

NY Times: President Bush, in a marked shift from his usual upbeat economic assessments, conceded here on Monday that the nation faces “economic challenges” due to rising oil prices, the home mortgage crisis and a weakening job market.

...After months of insisting that the economy’s fundamentals are strong — a theme he reiterated on Monday — Mr. Bush did not mince words. He acknowledged that “many Americans are anxious about the economy,” and he noted that “jobs are growing at a slower pace.” He said core inflation was low — “except when you’re going to the gas pump, it doesn’t seem that low.”

...If the past is any guide, Mr. Bush is likely to favor broad-based tax cuts of the sort he pushed through early in his presidency. Democrats are discussing more targeted relief — tax cuts, spending programs or a combination of the two — to help lower- and middle-income Americans who would be hurt the most if the economy falters.

...Still, the White House is not convinced it must act. The deliberations are tightly held, and aides to Mr. Bush say he will not make a decision about whether to offer a stimulus package, or what it should contain, until later this month, in time for his State of the Union address scheduled for Jan. 28.

That last time he had an announcement during the State of the Union, it was about the surge. He just loves spreading the good news during his State of the Union address, doesn't he? I can tell you in two words how the state of union is: it sucks.