Economists may not call this a recession until January, but we all know it when we see it, and we’re seeing it now.

In the third quarter, the economy slammed into reverse with a negative annual growth rate of 0.3%. One more quarter of negative growth, and the textbook definition of a recession will have been met.

But people have been feeling it every day for some time now, with mass layoffs smothering the economy. The latest company to squish a pillow over the mouth of the economy is American Express, which just cut 7,000 employees.

At the moment, one out of nine American workers is either unemployed or underemployed, according to the Economic Policy Institute, which defines “underemployed” as those who are working part-time when they want to work full time, and those who are so discouraged they’re not even looking for work right now.

Even still, some Republicans in Congress are opposing a new stimulus package.

But we need one now.

The question is, what kind of stimulus package should we have?

Mark Zandi, the chief economist at Moody’s Economy.com, has put out a chart showing that the biggest bang for the buck would be to boost food stamps. For every $1 the government spends on this, $1.73 returns to the economy as the benefits ripple through the economy.

Next best is extending unemployment benefits, which returns $1.64 for every dollar spent.

Next is spending on infrastructure, which returns $1.59.

And aid to states is right behind, returning $1.36.

But McCain is not advocating any of these. Instead, he wants to lower the capital gains tax, which would actually cost the economy in the end. For every dollar spent, the economy would benefit by only 37 cents, Zandi’s chart says.

He also wants cut corporate taxes, and for every dollar spent on this, the economy would benefit by only 30 cents. Making Bush’s tax cuts permanent would have essentially the same effect.

In short, helping people who need it the most—the unemployed and people who ought to be on food stamps—would benefit the economy at a rate five times greater than McCain’s proposed tax cuts.

And cutting corporate taxes is immoral right now, especially after ExxonMobil just raked in a record $15 billion profit last quarter.

McCain also foolishly wants to balance the budget in the next four years, which would require savage cuts that would further depress the economy.

He’s not a doctor of economics. If he were, he’d be hit with a malpractice suit.