SO... as I am answering a question from my Students... it occurs to me that I could offer up my EXTENSIVE education in political economy for any of my friends to ask me about WTF's going on with the economy...
Feel free to fling questions my way and I will try to explain...
To start with... This is a basic metaphor I use to describe the economy:
Imagine a nation's economy is a car where there is a 'good' safe speed for driving that gets you where you want to go [continued national prosperity that keeps up with growing population and increased expectations of the people]... it can 'grow' by moving forward, it can grow faster, it can slow down (but still generally be moving forward), and it can completely stall out, and it can EVEN (though rare) go in reverse.
The incredibly oversimplified version
Plan A rests on the contemporary common wisdom about the role of government in an economy that has 'stalled out'. The government should step on the gas [ok, technically if it's stalled you have to do more than that - point is the government acts with its taxing and spending and money powers to get the economy moving again].
Plan B says... leave it alone, the car will start moving [ok, the car metaphor literally and figuratively 'broke down' here, but the assumption is as follows: independent of most government action, the economy will 'right itself' and start moving.