Are politicians suppose to have a basic understanding of economics?

Just today I was reading about the upcoming "battle" between President Obama and the Republicans with regards to the budget. I wasn't really interested in the details but one comment by a Republican stood out to me. Ths gist of what he said was that if everyone is tightening their belts, why the US government is spending like there is no tomorrow. This was used to "slam" President Obama's budget plan.

I was seriously amazed by this statement. How could a politician uttered such a remark? First, the basic definition of an economy by Wikipedia:

The economy is the realized social system of production, exchange, distribution, and consumption of goods and services of a country or other area.


In this economic crisis, the production and the consumption portion is severely affected due to the lack of credit, high levels of risks, and loss of jobs. If consumption is down, deflation and more loss of jobs are expected. A vicious cycle will spiral endlessly. The only way out of this cycle is to boost up the consumption level. If everyone is losing jobs globally, who else can raise the consumption level? The government. That's the only answer.

I do not have a degree in economics but I read a lot when I have the time. The basic fundamentals of an economy. Demand and Supply. Shouldn't politicians have this basic concept when they are elected to office?

I thought this would be simple economics, and yet a politician actually made this remark. Without this basic concept, how can one actually govern the country effectively? Like it or not, there's no way you can get out of this crisis without doing something drastic. They think money/consumption will drop down from the sky? I'm sort of relieved that the Republicans are no longer in control of the US government. I can't imagine what would happen to the economy if they are still in control.

Actually in this crisis, the Doha trade talks become increasingly important. If trade barriers are removed/reduced internationally, and the governments around the world announced stimulus packages simultaneously to benefit from this free trade pact, the global economy will be on its way to recovery.

I'm sort of relieved the ASEAN has made the first step to initiate a free trade agreement with New Zealand and Australia. If Doha rounds cannot proceed, let all the other countries proceed along with their own free trade pacts. Sooner or later, the ones left out will know the advantages of having a free trade pact. Free market economics I feel cannot function without an actual signing of a pact, with the rules and conditions stated out. That is life.

I do hope that not all governments will have this kind of needless in-fighting among themselves in this crisis. It's seriously a waste of time.