What is the proof for this statement? I'm not asking what are the theoretical underpinnings of this worldview; what is the evidence which compels this conclusion?
That's difficult to say, because government investments mostly go into infrastructure and enablement policies, not ventures. But let's give it a shot.
USA: Green energy investments, of which some companies have turned out to be outright fraudulent.
China: Massive infrastructure and housing overspending and bubble, with much shoddy construction. Housing and construction companies everywhere benefiting from the money only contributing to a high-probability disaster ending.
Most Olympics-hosting nations, depending on what you perceive to be an acceptable measure of return.
USA: Green energy investments, of which some companies have turned out to be outright fraudulent.
China: Massive infrastructure and housing overspending and bubble, with much shoddy construction. Housing and construction companies everywhere benefiting from the money only contributing to a high-probability disaster ending.
Most Olympics-hosting nations, depending on what you perceive to be an acceptable measure of return.