Economic Effects of Federal Spending on Infrastructure and Other Investments.

摘要

Growth in the productivity of the U.S. economy declined significantly after 1973, compared with the average rate between 1948 and 1973. Some observers argue that an increase in federal spending on infrastructure, education and training, and research and development (R&D) could lead to a significant increase in economic growth. As the near-term outlook for the federal budget improves and the Congress considers how to allocate expected surpluses among tax cuts, spending, and debt reduction, proposals for increases in those categories of federal spending have gained additional prominence. This paper from the Congressional Budget Office (CBO), written in response to a request from the Senate Committee on the Budget, reviews the available data on the economic value of federal investments in infrastructure, education and training, and R&D. It focuses on empirical evidence produced since July 1991, when CBO last analyzed the issue in the study How Federal Sp ending for Infrastructure and Other Public Investments Affects the Economy.