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Similar thinking underlies the relatively low level of business expenditures today on buildings, equipment and software.
Military spending makes up closer to 24 percent of federal expenditures today.
(This is most abundantly true with prenatal treatment and the care of young children, in which relatively modest expenditures today can pay off dividends for a lifetime).
Its total expenditures were usually less than 2% of gross domestic product (compared with 25% now), not much different from the European Union's expenditures today as a proportion of the EU's GDP, and the overwhelming share went to national defence.
The vast majority of the extraordinary health care expenditures today are on the treatment and management of existing and chronic disease.
Similar(55)
Revenue was expected to keep pace with expenditures next year, so there was no need for it.
It will also cut capital expenditures next year by more than half.
Changes in the nature of tax expenditures since 1985 present a challenge for today's tax reformers.
It says it expects to spend about the same amount on capital expenditures this year.
Morgan Stanley estimates that Tesla can cover its capital expenditures this year from selling those credits.
The company has about $2.5 billion in cash, but also expects to have about $2.5 billion in capital expenditures this year.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com