Friday, April 25, 2008

Bush Sending "Stimulus" Checks Early - Economy Worse Then Expected

This is why the economy is going to be a huge factor in this year's elections. With everything that is going on, the Republicans seriously think the answer to the average American's problems is a $600 check and more tax cuts for the wealthy.

The underlying story here is that the economy is slowing down faster than they expected.
By November we may be in a full blown recession.

Bush hails early delivery of stimulus checks

President expresses hope tax rebates will boost weaker economy

WASHINGTON - President Bush says the economic-stimulus tax rebates will begin going out Monday and will help people cope with lofty energy and food prices, as well as giving the economy a jolt.

“This money is going to help Americans offset the high prices we’re seeing at the gas pump, at the grocery store, and will also give our economy a boost to help us pull out of this economic slowdown,” Bush said Friday in brief remarks at the White House.

“It’s obvious our economy is in a slowdown,” Bush said.

Earlier this week, the president denied the nation was in a recession, instead saying, “We are in a slowdown.” But many economists believe the economy may already be in a recession.

A trio of crises — housing, credit and financial — has threatened to plunge the economy deep into recession.

The economy grew at an anemic 0.6 percent in the final three months of last year and is believed to have gotten even weaker in the first three months of this year. The government will report on the first quarter’s performance next week. A growing number of analysts believe the economy is shrinking now.

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