While many people would rather be celebrating National Ice Cream Day, today is also Cost of Government Day. The day when the average American fulfills their tax obligation as everything they have earned from January 1 till today, July 15, goes to fund all levels of government. So says the groups, Americans for Tax Reform and the Cost of Government Center. Prior to Barack Obama taking office, Cost of Government Day, COGD, came in June, if not earlier, since people began calculating such in 1977. In 2002, for example, COGD fell on June 16. In 2009, Obama added 24 days to COGD, now he is up to 29 days since Bush left office. COGD takes into account not only the taxes collected by the federal, state and local governments, but also the cost on the citizens of government regulations, which Obama has been adding significantly to.
So much for Obama not increasing the tax burdens on the middle class. Once again we have undeniable proof that Obama is milking us dry financially. Federal spending consumes the largest portion of the America′s tax burden. Roughly 24% of the GDP goes to Uncle Sugar. The average worker must labor about 88 days to meet his or her obligations. State and Local government combined accounts for another 40 days of labor, and the cost of government regulations adds on another 69 days.
There is no doubt that government spending is out of control. We have several states in deep fiscal trouble, such as California and Illinois. About 20 cities are facing bankruptcy, including Detroit. Scranton, Pennsylvania just slashed all city employees, including the mayor, to minimum wage due to their fiscal crisis. The debt burden to the average American for the federal budget deficits is now higher than that of those European nations facing austerity, like Greece and Spain. So either we face the grim reality of just plain running out of money at some point, or we print our way out of debt and invite hyperinflation.
So enjoy that hot fudge sundae on National Ice Cream Day, because today is also Cost of Government Day. You are now going to start working for yourself as of tomorrow. So says the groups Americans for Tax Reform and the Cost of Government Center. Barack Obama pushed Cost of Government Day well beyond the month of June since taking office. How sad it is that we must work till July 15 just to pay for government spending and regulations.