Could you provide an example of what the feedback would look like over three months?
Let's consider unemployment statistics. I truly believe that the positive results achieved over the last three months were probably due to manipulation by the Obama administration. We'll know that in a few months if we see an unexplainable downturn.
The administration has been pumping cash into the economy for years now and yet we see very little inflation; especially if we eliminate a few key items from the calculations. Does that mean we will never face inflation due to the money printing that has been going on? I don't think so. I think the slightest uptick in world economic activity will reveal just how many dollars have been created and we will see prices of some items skyrocket.
What economic process has a time constant so low and a correlation with government activity that is so high that one would be able to measure the effect of a government activity so quickly and with sufficient accuracy?
Okay, now I agree with the general thrust of your concerns. Yes, the metrics would have to be carefully defined, to ensure no cheating.
However it’s important not to get bogged down in quantitative figures; this would increase the opportunity for cheating, plus would become confusing and boring to the electorate. A simple trend point should suffice; i.e. at the end of three months there has either been an improvement in unemployment and total debt or not. (Other economic markers could be used; this is where there would probably be strong debate during the development of the initial legislation. Such a debate imo would be a very good side effect).
Even if delays or other extraneous factors push the results in the wrong direction, this would result in the faulty measures being extended only for another three months. Eventually, (in much less than four years), the truth will become obvious. During that time the American people will be watching and learning.