Want some depressing news from Americans for Tax Reform?
Last week, the group released its “Cost of Government Day 2008” report. The analysis serves up a date each year by which the average American worker “has earned enough gross income to pay off his or her share of spending and regulatory burdens imposed by government on the federal, state and local levels.”
The date for 2008? July 16. That’s four days later than last year, and 17 days later than 2000.
Only four times since 1977 has the date fallen later than July 16 – 1982, 1983, 1992, and 1993. Why so late? The author, Peter Ferrara, wrote: “The driving factor for this development is the fact that all components of the cost of government – federal spending, state and local spending, and regulation – are now increasing faster than national income.”
How do the components breakdown in terms of days?
• 21 days worked for state and local regulation
• 42 days worked for federal regulation
• 50 days worked for state and local government spending
• 84 days worked for federal government spending