The basic idea here is good, although i disagree with the tactics. Instead of boosting "subsidies meant to encourage work", just give people money. And also spend money on job-creating infrastructure projects. And instead of just targeting areas of "chronic joblessness", also target areas that have historically suffered from oppression and plunder. Basically, just create a huge bottom-up stimulus program that takes into account our history.

But, sincerely, i am glad that Larry Summers (et al.) are thinking in these terms.