I wish I understood economics. I once had dinner (about 25 years ago) with an economist who taught at Indiana University. I told him I wished I understood the big picture of economics. He smiled magnanimously and said, "Ask me anything." So I asked him something, though I can't remember the specifics. I guess my question was so inane--or so remedial--that he just shook his head in pity.
That was the end of the lesson. Just this morning, I read that Obama wants the Europeans to spend their way out of the recession, while the Europeans are instituting severe cuts in spending.
In my own household, I guess I've always been European. But then, I don't understand which is better on the macroeconomic level.
It also occurs to me that European countries have social safety nets so that huge cuts would not threaten life and limb as they might in the U.S.
But then, I don't understand all this. At the dinner, we had wonderful lemon ice cream for dessert. It was made by Breyers, and was discontinued shortly after I had it.
Can you make any sense of the big economic picture?