http://mises.org/article.aspx?Id=1423
Repudiating the National Debt
Daily Article by Murray N. Rothbard | Posted on 1/16/2004 12:00:00 AM
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In reality, however, government spending only qualifies as “investment” in an Orwellian sense; government actually spends on behalf of the “consumer goods” and desires of bureaucrats, politicians, and their dependent client groups. Government spending, therefore, rather than being “investment,” is consumer spending of a peculiarly wasteful and unproductive sort, since it is indulged not by producers but by a parasitic class that is living off, and increasingly weakening, the productive private sector.
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Here’s how to think about the bailouts and other “government spending”!
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Reinke Faces Life 