This year, Americans have to work until July 15 to pay for the burden of government, more than six months.and in a related story in this mornings WAPO: Democrats Threaten to Drag US Off Fiscal Cliff
In a new report, Americans for Tax Reform (ATR) has calculated that Americans will spend a total of 197 days toiling to pay for the cost of government.
"Cost of Government Day 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 the spending and regulatory burden imposed by government at the federal, state and local levels," reads the report.
The report, Cost of Government Day, shows that Americans will work 88 days to pay for federal spending; 40 days for state and local spending; and 69 days for total regulatory costs.
"From a different perspective, the cost of government makes up 54.0 percent of annual gross domestic product (GDP)," reads the report. "What's more, the largest tax hike in the nation's history is scheduled to take place at the end of 2012 unless Congress acts to protect taxpayers. If this tax increase is allowed to hit, COGD [Cost of Government Day] could permanently be pushed back into August and beyond."
Democrats are making increasingly explicit threats about their willingness to let nearly $600 billion worth of tax hikes and spending cuts take effect in January unless Republicans drop their opposition to higher taxes for the nation’s wealthiest households.You know, both sides accuse the other of wanting to let the country suffer if they don't get their way on policy. This is the first time I can remember it being so boldly stated by the leadership of one of th parties.
Emboldened by signs that GOP resistance to new taxes may be weakening, senior Democrats say they are prepared to weather a fiscal event that could plunge the nation back into recession if the new year arrives without an acceptable compromise.