There you have it. The 47 smartest economists around the president of the United States agree that the best way to solve the "untenable fiscal situation" is to boost education spending, weatherize homes, throw more bad money after bad in the housing market, more bad money after bad in the Small Business Administration, and maybe (though only over the president's dead body) freeze all taxes for two years. That oughtta tenabilize it.
Welch is mostly calling out Martin Feldstein, who seems to be fixated with rewriting mortgage contracts.
I have been saying for more than two years now that the taxpayers would be better off if we just subsidized moving vans to get people out of the houses they cannot afford. I would rather create jobs for truck drivers and furniture-haulers than for mortgage servicing clerks.