Where does it get squandered? 60% of the federal budget goes to retirement and healthcare. That doesn't account for all of the local budgets which almost exclusively target human welfare projects.

There are only two stereotypical places I can think of it being "squandered". The first is the military which, who knows, could be NPV if you consider what the world could be like without it. Ultimately its unknowable. The second is the money not taxed. Which is a particularly frustrating mindset that I encounter on the internet.

In either case, we're not "squandering" money anywhere. You may disagree with the allocation of some resources but that doesn't mean its been squandered.