Utermann: Must Change From Narrow Measures of GDP

The transcript discusses the global shift towards fiscal policy, highlighting the reluctance of politicians to change long-held beliefs without a major economic downturn. Mario Draghi's efforts to encourage European governments to take action are noted. The conversation also touches on the need to rethink economic measurements beyond GDP, considering factors like GDP per capita. Assumptions about lower trend growth rates in the US and Europe are discussed, along with the need for countries, especially in Europe, to focus more on investment rather than social programs in their fiscal spending.

What is the speaker's view on the current fiscal spending priorities?

What does the speaker imply about the relationship between social programs and long-lasting investments?