Federal Investment, 1962 to 2018
Abstract
The federal government pays for a wide range of goods and services that are expected to contribute to the economy for some years in the future. Those purchases, called investment, fall into three categories: physical capital, research and development (R and D), and education and training. There are several economic rationales for federal investment. The federal government can provide public goods that the private sector and state and local governments would not provide efficiently, such as national defense and basic scientific research. Federal investment can promote long-term economic growth - as education spending does by developing a skilled workforce, as R and D spending does by prompting innovation, or as infrastructure spending does by facilitating commerce. And it can support the work of the federal government by, for instance, providing the structures and equipment necessary to perform federal activities.
Document Details
- Document Type
- Technical Report
- Publication Date
- Jun 01, 2019
- Accession Number
- AD1134899
Entities
People
- Natalie Tawil
- Sheila Campbell
Organizations
- Congressional Budget Office