Federal Capital Budgeting Hearings Before the Subcommittee On Economic Develop
Federal Capital Budgeting Hearings Before the Subcommittee On Economic Develop
United States Congress House Committee On Publi
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That is the kind of focus I am talking about here in discussing investment in the broader sense. Our own thinking on this has evolved and changed over time. We issued a 1989 report where we articulated a more traditional cap- ital budget, where we included Federal mission kinds of programs including defense, the office buildings, the computer systems and physical capital including supporting infrastructure. We didn't in- clude research and development or human capital programs that arguably hav...e an equal if not greater impact on national wealth in the future. We acknowledged the difficulties in measuring these kinds of things and put that off" to another day. Now, given the fact that the investment deficit I talked about and the budget deficit that we have done some more recent work on, appear so intractable and growing, we decided that the focus had to shift somewhat to the role that the Federal budget played in this long-term economy, and the way that we in fact impact these long-term economic growth strategies.
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