I would institute an immediate and permanent reduction in the payroll tax, financed by a gradual, permanent, and substantial increase in the gasoline tax.
I think if you put leading economists into a room to negotiate on the stimulus, this is where they would end up. Instead, the actual stimulus bill is really, really far away from anything that sensible economists would have written. Not that ignoring economics is such a shock. But I expect better from Democratic administrations, and I expected better from Larry Summers.
One reason I admire Oakeshott is simply his understanding that the two deepest impulses in Western political thought - the individualist and the collectivist - need each other to keep our polities coherent. He, like me, preferred the individualist, and so my own leanings are toward smaller government, lower taxes, balanced budgets, individual freedom and prudent strength in foreign policy. But... Government exists in some measure to provide a collective response to a newly felt need.