A modest proposal

Everyone's complaining that the problem with the tax component of the stimulus is that it will be saved rather than spent.  But what if that's a feature, rather than a bug?

Think of it this way:  the government currently borrows money very, very cheap.  Why not distribute the entire thing as tax rebates, payroll tax cuts, unemployment insurance, welfare/disability payments, or Social Security "bonuses"?  Perhaps throw in an additional tax credit for paying down debt.

It would be interest rate arbitrage on a national scale.  It's certainly no stupider than many of the suggestions I've heard for curing this crisis.