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The vast majority of government spending is not about growth and isn't an investment. It is about placating voters and interests groups.

Arguably positive budget categories like Education, research, and infrastructure make up a miniscule part of the overall pie.

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Interestingly, China, who does capitalism better than the west, is not very concerned about short term voter happiness or placating special interest groups. So it's not a given that government spending must be constrained by historical assumptions, or that that model is even optimal.

I'd say many of the moves towards autocracy in the west are pointing in that direction, for better or worse.

That's obviously a provocative claim. I wouldn't say that they "do capitalism better", but I would say that they have better industrial policy.

https://en.m.wikipedia.org/wiki/Industrial_policy

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