Is there a way to help the economy without boosting the deficit or cutting interest rates to silly levels?

I think there is, and it’s a way I’ve suggested many times with no result. But I’ll try again.

Washington should change the rules — even if only temporarily — so that Americans can have immediate access to money in IRAs, 401(k)s and the like. Let people take money out of these old-age accounts without penalty — and maybe with a reduced ordinary tax — for certain things.

Put whatever restrictions on these withdrawals that will make the experts comfortable. For instance, limit the amount that can be withdrawn. Or perhaps people can only put a down payment on a house with the money. Or a car. Or use the withdrawn money to pay for education or medical expenses.

Americans would probably be more thrilled to see the trillions of dollars sitting idly in retirement accounts freed up than they would getting another small tax cut.

And the US Treasury will benefit from the tax paid on these withdrawals. And if the economy improves because of this, even more tax revenue will come in.

The deficit? It should go down with the new revenues coming in.