IRS Data Breach Allows Hackers to Steal $30 Million from Taxpayers https://t.co/htRPfGZa62
Cost of Government Day Media Spotlight
Last Thursday, Peter Roff joined in the conversation about 2014’s Cost of Government day in his article in US News.
Just in time for American Independence Day, the folks over at Americans for Tax Reform have released their annual Cost of Government Day findings – and the news is not good.
“All told,” said ATR’s Cost of Government center, “the full costs of government amount to 51 percent of GDP. Workers toil 121 days to pay for government spending alone, and 65 days to pay for regulatory costs” when that burden is amortized out across the 50 states.
Red Alert Politics published a piece by Ashley Dobson on Monday recognizing this year’s Cost of Government Day.
Congratulations! We¹ve finally made it to the point in the year where every penny you¹ve earned isn¹t needed to cover your share of the cost of government!
This was the sixth consecutive year that Cost of Government Day fell in July. Prior to President Barack Obama’s tenure in office, the latest it had fallen was June 27, according to Americans for Tax Reform.
Also on Monday, the Washington Examiner published an article focusing on the Cost of Government Day and the significance of this day for hardworking Americans.
According to the Cost of Government Center (which is part of Americans for Tax Reform), it took the U.S. economy 121 days to produce enough for government to spend at all levels (81 days for federal and 40 days for state and local spending). It took an additional 65 days to produce the resources required to pay for the costs of regulatory compliance at all levels.
[Cost of Government Day] has gradually retreated on the calendar thanks to state budget cuts and various federal spending reforms forced on President Obama beginning in 2011 in the sequestration process. Still, CGD is significantly later this year than it was in 2008.
Alice Salles wrote an article in United Liberty referencing this year’s Cost of Government Day and the Cost of Government Center’s take on it.
Independence Day may have been celebrated on the 4th of July, but the average American only became free to earn his or her own money after the 6th.
Federal spending may have shown modest signs of a decrease since 2013, for which Americans for Tax Reform thanked Republicans in Washington, but federal regulatory costs have added an extra burden to the national debt.
On Thursday, Wall St. Daily ran an article by Floyd Brown discussing the negative effects of the Cost of Government day on the economy.
Now, the Cost of Government Day had never fallen past June 27 before our current president’s tenure. But for the sixth consecutive year, it’s fallen in July.
This time, the official date was July 6, as calculated by Americans for Tax Reform.
You see, the economy is like a backpacker climbing a mountain trail. The cost of government acts like rocks in the backpacker’s pack, and with each new rock (tax), the hiker’s efforts become more arduous and difficult, thus slowing his progress.