Would an 18 month tax holiday have been a better policy?

As our economy, after experiencing more 'stimulus' than in all the rest of world history, slides back towards recession, Art Laffer asks a perceptive question:  

 working more attractive for both employer and employee. Since late 2007 the federal government has spent somewhere around $3.6 trillion to stimulate the economy. That is a lot of money.

My suggestion would have been to take all $3.6 trillion and declare a federal tax holiday for 18 months. No income tax, no corporate profits tax, no capital gains tax, no estate tax, no payroll tax (FICA) either employee or employer, no Medicare or Medicaid taxes, no federal excise taxes, no tariffs, no federal taxes at all, which would have reduced federal revenues by $2.4 trillion annually. Can you imagine where employment would be today? How does a 2.5% unemployment rate sound?

"But where's the bucks for the 'boys? (Republican and Democrat).  The lawyers gotta eat too, you know."  Read the whole thing.


H/T Instapundit