In the second quarter of this year, investment spending by the federal government dropped below 1.4 percent of gross domestic product for the first time since the 1940s, according to the latest data from the Bureau of Economic Analysis. OK, at 1.397 percent, it wasn’t much below, and federal government investment as a share of GDP isn’t exactly a closely watched economic indicator. But the decline through the decades is still pretty striking... — bloomberg.com
Justin Fox tracks the decline in U.S. government spending over the years, noting infrastructure investments have largely been replaced with spending on social insurance programs. With private investors taking the lead, Fox argues U.S. infrastructure suffers as there are many vital projects which private investors will never touch.
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