Congress is currently fretting over large budget deficits and pushing "austerity", while the president is trying to get his latest stimulus package passed. If you were economic czar of the country, what would you do?
I like the ideas offered by # 2. I would also try to reduce the costs of government as much as possible, perhaps by eliminating entire federal departments and also perhaps by reducing American military obligations overseas (particularly in Europe). I would look seriously at the various plans that have been offered for radically cutting the federal deficit, and I would try to do everything possible to reduce the government's unfunded future obligations.
I'd resign... the government can't do all that much to fix the economy and I'd be overwhelmed.
If I had to stay on the job, I'd work on trying to promote innovation in our economy. I would encourage universities to work together with companies to try to discover new technologies that would allow our economy to move ahead. I would also set up a system to reduce health care costs by paying medical providers based not on how many procedures they'd do but on how healthy they kept their patients. This would help to reduce costs for American businesses and make them more competitive.