Actually that is rather a simplistic and misdirected definition of the problem: It is not spending, it is spending on what and at what return; it is spending and not taxing over a long period (that is a big problem). In the US we do not take care or invest in the Commons.  A very well educated, healthy, work force, in a healthy and safe living and working environment, with sound infrastructure and research and development cooperation between private and public sectors will do quite well for the people and the governments.
We spend foolishly on a Cold War model, reward global corporations with tax loopholes, have a screwed up view of crime and public safety, immigration, education, welfare, energy, and allow common thieves to decide financial regulations and health care costs. We spend ourselves stupid on consumer products and not on wealth creation, education, health, infrastructure, R&D. We give subsidies and tax breaks to help industry compete with outdated practices, instead of modernizing or change to be better. We have met the enemy and they are… Teabaggers, Neocon-Republicans, Wall Street, healthcare industries and the puppets on their strings.

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