Economic Re-what?

On Friday, the government reported that 63,000 US jobs were lost in February. This is the fastest falloff in five years and is the biggest sign yet that the US is headed for, or is already in, economic recession. But what has contributed to this recession, and will Bush's plan help it?
Economic recession is a withdraw. Basically, the contributions to the current US recession are as follows: the housing market. The Christian Science Monitor reported in February that municipal bonds are down 80%. These leads to a decrease in the amount of money that banks and other lending institutions have to loan out. Thus, less people can afford their homes. Furthermore, the US Housing Market lost 3.26 billion dollars last fiscal quarter alone. The US dollar...the dollar was worth less than that of Canada for the first time in 5 years this year. It continues to grow weaker. This means that the 9 billion dollars of international bonds we have loaned out (mostly with Japan and China) are now more worthless than they were before. This makes other countries weary to trade with us, making our dollar drop even more. Our dependency on foreign oil...the price per barrel of crude oil peaked today at $106 a barrel. This is expected to drive gas prices up to $4.25 a gallon, at least in my area. The US uses 20% of all the world's known oil reserves, yet we only possess 3% of them. Considering the fact that oil production follows a bell shaped curve and that 2005 was the peak of this curve (the year that half the worlds known oil was used), we are on the downside of this curve. Our dependency on foreign oil is continuing to push prices up and push our debt up as well. Lack of domestic spending...we are spending all of our scarce money at big box retailers like Wal-Mart...stores that import their products...not stores that sell domestic goods...which are usually more expensive.
President Bush's plan cannot help our economy for several reasons. Primarily, it doesn't conform with the three t's presented by US News and World Reports...timely, well-targeted, and temporary. The $150 billion stimulus plan Bush proposed is none of these. It is not timely b/c by providing a lump sum of $150 billion to be distributed, there is no way all the money will reach the consumers in time to pull us back up the slippery slope of recession we have begun sliding down. It is not well targeted b/c it is sending money to families that make less than $75,000 a year...middle to low income families who are more inclined to save their money. and if they do spend it...to spend it at the big box retailers. Finally, it is not temporary...$150 billion is less than 5% of our GDP...it will not even leave a temporary mark on the budget or the economy.
This is an unfortunate situation for the economy, and out nation. Hit me up with your opinions.