Each year when the president releases a proposed federal budget, as President Obama did on Wednesday, an "Analytical Perspectives" volume is also released with other angles on the budget. This year, Chapter 20 of that volume is about "Federal Investment." Of course, there's a certain tendency by those who favor a certain area--from national defense to health care to antipoverty programs--to label as "an investment." But as the budget states: "The distinction between investment spending and current outlays is a matter of judgment. The budget has historically employed a relatively broad classification of investment, encompassing physical investment, research, development, education, and training." In these areas, what is the accumulated value of the federal investments over time?Conversable Economist
The Stock of Federal Investment
Timothy Taylor | Managing editor of the Journal of Economic Perspectives
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