Americans have to work 224 days to pay the full cost of government
Every year, Americans for Tax Reform Foundation publishes its Cost of Government Day report, which calculates the day on the calendar year until which the average American must work to pay for the full costs of government spending and regulation. The study is available online at www.CostOfGovernmentDay.com “Highlights” of the report are as follows:
Overall government burden: This year, Cost of Government Day falls on August 12, meaning Americans labor a full 224 days into the year to pay for local, state and federal government spending and regulations.
Impact of Obama overspending: Americans have lost 29 days of the calendar year thanks to Obama’s overspending and regulatory zeal. 2011 marks the third straight year COGD has fallen in August. Prior to the Obama Administration, COGD had never fallen later than July 21.
Stimulus, bailouts, and federal spending: The effects of the bailouts and failed “stimulus” plan are still being felt by Americans, who must work a full 103 days to pay for the costs of federal spending.
State and local government spending: Americans spend 44 days working to pay off state and local government spending.
Regulatory burden of Obamacare and Dodd-Frank: Americans are forced to labor 77 days to pay for total federal regulations, a workload that will increase exponentially with the implementation of the Dodd-Frank financial regulatory bill and Patient Protection and Affordable Care Act, known more popularly as Obamacare.
Cost of Government Day in the fifty states: The report also measures varying government burdens in each state to calculate their respective state Cost of Government Day. As in past years, taxpayers in Connecticut must work the latest to celebrate their COGD, laboring all the way until September 10 to pay off the full costs of government. Taxpayers in Mississippi worked the shortest amount of time to pay off their burden off government, laboring until July 19.
Case Studies: The report also details the impact on COGD of many factors in the growing cost of government. Case studies in the report discuss: The Dodd-Frank financial regulatory overhaul which will severely increase the number of days Americans must work to pay off the regulatory burden; Obamacare, which will fail to rein in health care costs and continue to increase federal spending; The EPA, which has pursued an aggressive regulatory agenda that will further stall economic recovery.
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