By Doug Cunningham

World stock markets nose-dived Monday in reaction to U.S. recession fears. The AFL-CIO is urging quick Congressional action on an economic stimulus package. And while the labor federation says it’s encouraging that Bush recognizes a substantial stimulus is needed, the Bush plan isn’t likely to benefit working families to provide them the boost they need to weather a recession. Instead of a focus on tax relief, the AFL-CIO wants to see spending stimulus, including an extension of unemployment benefits, increased food stamp payments, more fiscal relief to state and local governments, and investments in ready-to-go school, bridge and sewage construction projects. On top of that, the AFL-CIO says tax rebates targeted to middle- and low-income taxpayers is also needed to help working families weather the recession.