Of the future. The question is - how has investment been made comprehensively, which means mostly by the private sector, to capitalize on cheap money. Last year’s big private sector euphoria was AI, which could eventually impact the quality of investments down the road. Another interesting anecdote to make you feel better - which state has invested most aggressively in alternative energy? Deep blue California? Close, but I’m afraid the correct answer is…deep red, deeply anti ESG Texas! Why? Not because of govt! It’s not their agenda. Because it makes dollars and sense. Some of the most rural, reddest parts of the state have invested most aggressively, because they benefit financially. That outweighs politics every day of the week.

Things are way better than your post contemplates, and as a nation we took far, far greater advantage of low rates than you contemplate. Low interest rates gave you the rocketing electric car industry! Government investment is the wrong metric. Other than the fact that they failed to sell 30 yr bonds to lock in those low rates, which is unfortunate, those aren’t the investments that will matter to your kids and grandkids.