Public investment in the US has hit its lowest level since demobilisation after the second world war, largely as a result of Republican success in stymieing President Barack Obama’s push for more spending on infrastructure, science and education.
Gross capital investment by the public sector has dropped to just 3.6 per cent of US output compared with a postwar average of 5 per cent, according to figures compiled by the Financial Times, as austerity bites in the world’s largest economy.
The figures underline how across-the-board budget cuts are threatening future growth, as the axe falls heavily on federal investments that boost output, rather than transfers such as pensions and healthcare for the elderly.
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