...in terms of aiming at the primary distribution, we need to be willing to think of the government as the employer of last resort, ready to step up direct hiring or subsidized employment programs in slack times.
Much the way the Fed becomes the lender of last resort when credit markets freeze, there is a role for the government to become the employer of last resort when the market persistently fails to create enough jobs.
An improvement on it:
Forget "last resort," and simply hire now until everyone who wants to work is working. Train them too with good, valuable skills. Give them the full range of benefits too. Have them do productive work that needs doing. There's plenty of work that needs doing.
For less than the money that was thrown at the banksters, we could have had a full-employment economy from 2008-9 on (no recession).