President's Genius Economic Plan

President Unilateral's plan to bypass Congress to heal our economy with a student loan modification program has me in mind of something I wrote long ago about the regrettable Bush/Pelosi tax rebate of 2008:

If you believe this story, the tax rebates are keeping consumers spending and buoying the softening economy. Those tax rebates took several months, almost a year, to debate, pass, and implement. Let's recap. In 2008, you and me have earned income, sent it off to the government, waited for them to send it back, and now have it back. And because we have it back, this is helping the economy. So, in the interests of further helping the economy I offer this bright idea: let's shorten the cycle time by cutting out the middle steps. Let's say that me and my fellow Americans be allowed to not send off a portion of our income to the government. That means it wouldn't take months to come back and we could help the economy right now, today, pronto, immediamente. Hmmm. But what would I call such a plan?

Obama's student loan plan displays the same stunning economic logic: Recent graduates owe money to the federal government, they owe so much that they are unable to participate in the economy as much as they'd like and as much as it needs them to. So the federal government will alter the rules, which may take awhile as the rules are designed, debated, promulgated, communicated and implemented. In due course though, the rule changes will allow the loan holders to hold some money back from the federal government and use it to participate in and help grow the economy (apparent meagerness notwithstanding).

So again I say, why don't we cut the cycle time. Let's not wait for the rules go through the various formal steps, let's get that money into those grads' hands pronto. Sounds great! But what would we call such a program?

Yeah.