Amount of money spent is a radically different thing from amount of good done. Even among charities effectiveness can differ by about 1000x. Government spending is likely to fall more in line with the least effective charities because it is biased by political motives. Most spending is not even in areas that are likely to be effective like global health, or rationality outreach. The money that is spent on global health is politically directed, going largely to local neighbours and sites of war and terrorism, not to those most in need.
As the most effective charities are likely 100-10000x more effective than government spending, the calculation should be adjusted down by 3-5 orders of magnitude. We’re looking at more like $0.01 - $15,000 as the equivalent impact.
As with most (?all) biases, the key seems to be to notice the bounds of its usefulness.
Having a normal human amount of faith in narratives is useful for making conversation and probably for motivating oneself, but not for (?most) planning.