Douglas Elmendorf, the universally-respected budget analyst at the helm of the non-partisan Congressional Budget Office, gave a guest lecture to an intro economics course at Harvard University.

Called “A Tour of the Federal Budget and Possible Changes in Budget Policy,” it's an outstanding crash course in the changes the federal budget is undergoing.

The role of government has been shifting subtly for years, and Elmendorf more than many others has been able to perceive this change. Less government money is spent on contracts and employees, while more is given directly to people and states.

Elmendorf was kind enough to post a copy of the slide deck to Slideshare and the excellent CBO blog.

The final conclusion is guaranteed to make you wince.