The real economic sacrifice imposed on the country depends on what the government does with the money. In the article “Entitlements, Public Investment, and the Changing Nature of the U.S. Government” on Tim Taylor’s blog, Conversable Economist, we find that what the government spends money on has been changing over time in a consistent manner. Consider three points related to that article: 1. How has the composition of government spending changed since the 1960s? Support your answer with examples from the article. (One paragraph) 2. Explain how the various categories of federal government spending (such as spending on entitlements, infrastructure, and basic research) qualify as either consumption or investment spending. In your answer, be sure to define the terms consumption and investment. (One paragraph) 3. Explain how the changing pattern of government spending affects the real economic burden of the national debt. (Two paragraphs)
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