Last Thursday was Americans for Tax Reform’s 2010 Cost of Government Day (COGD) – the day when “the average American has earned enough gross income to pay off his or her share of the spending and regulatory burdens imposed by government at the federal, state, and local levels.” This year’s COGD fell a full 231 days into the calendar year.
Compared to COGDs in the past, this year’s date marks a milestone of sorts in that taxpayers have never before had to work so far into the year to pay for their share of government. In fact, only one other time in the history of calculating COGDs has the date fallen so far into the year, and that was last year – August 11, 2009. Prior to that date, COGDs typically fell in June and July.
Though this year’s COGD estimate isn’t entirely surprising given the recent trillions spent on TARP, ARRA, ObamaCare, the $26 billion state bailout, etc., it should sound the alarm that the rate of growth in federal, state, and local government spending is accelerating far faster than in the past, making it increasingly difficult for the economy to recover and jobs to return.
Source: Americans for Tax Reform
– James Quintero