Congratulations! We’ve finally made it to the point in the year where every penny you’ve earned isn’t needed to cover your share of the cost of government!
Sunday marked Cost of Government Day, the point in the year when the average American has earned enough income to pay for his or her share of the spending and regulatory burdens imposed by government at the federal, state and local levels.
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.
The full costs of government amount to about 51 percent of gross domestic product. On average, American workers must put in 186 full work days to pay off the total cost of government spending and regulatory costs.
The cost of government spending also depends on which state you live in. For instance, Connecticut residents won’t celebrate their Cost of Government Day until July 26 this year, while residents of Louisiana could consider their portion paid by June 12.