Americans Will Work Over 7 Months to Pay for Govt Spending in '12

CNS:

– This year, Americans have to work until July 15 to pay for the burden of government, more than six months.

In a new report, Americans for Tax Reform (ATR) has calculated that Americans will spend a total of 197 days toiling to pay for the cost of government.

"Cost of Government Day is the date of the calendar year on which the average American worker has earned enough gross income to pay off his or her share of the spending and regulatory burden imposed by government at the federal, state and local levels," reads the report.

The report, Cost of Government Day, shows that Americans will work 88 days to pay for federal spending; 40 days for state and local spending; and 69 days for total regulatory costs.

"From a different perspective, the cost of government makes up 54.0 percent of annual gross domestic product (GDP)," reads the report. "What's more, the largest tax hike in the nation's history is scheduled to take place at the end of 2012 unless Congress acts to protect taxpayers. If this tax increase is allowed to hit, COGD [Cost of Government Day] could permanently be pushed back into August and beyond."

(Correction: This news story initially stated that the time needed to pay for total federal spending -- not all costs -- would exceed 7 months in 2012 when, in fact, the report shows that the cost of government day is July 15, approximately 6.5 months into the year.)