[orwin]

As long as that money enter the primary market first and is not directly injected in the secondary like it used to since 2008 (the 'real economy' and not the 'speculative economy' if you will), it isn't a real issue if most of it is 'wasted' (90% is a bit high, but it depends what your view of 'waste' is).

I don't know the US, but in France the government overhead cost for Healthcare is 20% (for every 100€ collected for public healthcare, 80€ is paid to doctors/hospitals/medecine/nurses/PT, 20€ is paid to operations/public servants), and social security is sightly more effective, with 13 to 18% overhead (but it isn't really government, it's weird). A federal government will necessarily be less effective (as you probably have more layers), so I guess for the US I would expect something like 30% overhead?

Still 90% wastage seems high.