Chris Edwards dissects it.
Transfers are the largest and fastest-growing activity. Since 2000, transfers have grown at an annual average rate of 6.7 percent, which compares to purchases at 6.0 percent, compensation at 5.5 percent, and aid to the states at 5.0 percent. Total federal spending grew at 5.5 percent during this period, while the consumer price index grew at just 2.4 percent.
Riundaboutness in the political structure masks volatility from the voter. The voter, seeing little volatility, thinks DC is holding his reserves; and that is one big mistake.