A semi-coarsened multigrid algorithm with a point block Jacobi, multi-stage smoother for second order upwind discretizations of the two-dimensional Euler equations is presented which produces convergence rates independent of grid size for moderate subsonic Mach numbers. By modification of this base algorithm to include local preconditioning for low Mach number flows, the convergence becomes largely independent of grid size and Mach number over a range of flow conditions from nearly incompressible to transonic flows including internal and external flows. A local limiting technique is introduced to increase the robustness of preconditioning in the presence of stagnation points. Computational timings are made showing that the semi-coarsening a...