Michael Mandel writes,

Let me repeat that: Government net investment as a share of net domestic product is at a 40-year low. I had to check this last one a couple of times to make sure it was really true. This is a true failure of national economic policy. Government is punking out, just at the time when a public investment surge is needed to make up for the private investment drought. As a country, we should be investing more, not less.

Read the whole thing. Pointer from Tyler Cowen. David Henderson and others expressed skepticism about my paradox of thrift. I count Mandel’s chart and analysis as evidence in my favor.