But paying down personal debt would still help the economy more that giving money to TBTFs. A large part of the problem is private sector debt. And I suspect that many, if not most, of those with jobs would spend some of the money on consumption. But the most effective stlimulus that could be provided would be an increase and extension of unemployment benefits. Almost all of that money would be spent.

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."

A credit toward FICA on the the first $20,000 is $30/wk directly for most workers, and a lower cost of labor to employers tilted to below median income workers.

Fund it with deficit spending in the short term and a floating levy on short term capital gains and earned income above $250,000, kicking on whatever is taken to indicate the recession is over and the DI levy can be raised to cover the only medium term OASDI trust fund issue without any regressive impact.

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.