I want to endorse Reihan Salam’s statement that “FLOCs are best understood as a second-best alternative to counter-cyclical transfers, not as an ideal solution.”  There are probably better ways to stimulate the economy, but I think issuing FLOCs at the appropriate time is a feasible policy—well within the range of political possibility—that is much better than many things we have done in the past to stimulate the economy.