Countercyclical fiscal policy creates jobs, income and economic capacity during lean times. Could countercyclical regulatory policy be used to the same ends? In a policy brief released by the liberal Progressive Policy Institute, Michael Mandel, the former economics editor of Business Week who is now editor-in-chief of VisibleEconomy, notes that America’s most innovative industries have been losing jobs ever since 2007. He suggests that economic regulation of high-tech — in particular, the heavily regulated telecommunications industry — could be eased during the recession as a means of spurring investment when it’s most needed. We can think of more than a few objections to targeted regulatory holidays. But the idea of distracting the FCC from its new enthusiasm for network neutrality certainly has some appeal.