The changing nature of the US government

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I'm sure the exact assumptions behind these numbers are debateable, but the broad theme seems well-established. Back in the 1960s, about one-third of all federal spending was devoted to building up these various types of capital. Now only half that share of federal spending goes to these purposes, and the Third Way report projects that public investment spending may be headed for just 5% of all federal spending in a few decades. Conversely, entitlement spending was only about 15% of all federal spending back in the 1960s. Now it's more than half of all federal spending, and the share is rising. The main functions of what the U.S. government actually does are shifting before our eyes.