Don’t Blame Congress for Cutbacks in Public Investment

The decline in U.S. government investment spending is mostly attributable to shrinking defense budgets, the conclusion of stimulus spending, and mild austerity at the state and local level.

It's easy to criticize the economic policy choices of the U.S. Congress, so you could be forgiven for believing the Financial Times that the U.S.'s legislators are "threatening future growth" by cutting spending on "federal investments that boost output, rather than transfers such as pensions and health care for the elderly."

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