Although the essay is long, I encourage everyone to read through it. It resembles a number of other proposals, including one circulating from the Dean of my b-school alma mater. I dropped a few comments directly on SeekingAlpha, but I'd also be interested in a more detailed discussion here. I think it's important because a plan of this sort is very likely to be implemented. Especially with the prospect of a fully Democratic government (though I think even Republicans will implement something, just it would take them a bit longer to do it).
In short, I believe these plans are just further securing a Japanese-style deflationary episode for the USA.