…At least we paid for this year. Cost of Government day came this week. “Cost of Government Day (COGD) 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 spending and regulatory burdens imposed by government on the federal, state and local levels”, according to Americans For Tax Reform. Congratulations, my fellow Americans, you are now free to look out for yourself and your fellow man.
The worst part of the sad fact that Americans work the equivalent 197 days to deal with the economic consequences of government is that it will likely get worse. The entitlement bomb is crying out for reform. According to the Concord Coalition we face 53 trillion dollars (present value of money terms) of unfunded liabilities if we don’t implement reforms. That is about the equivalent of the world’s economy. If you took every dollar earned in the world this year, you could pay the promises Congress has made the people. That should be a wake up call.