Today, August 19, is Cost of Government Day. Every year two organizations, Americans for Tax Reform and the Center for Fiscal Accountability, come together to calculate the day on which the average American has earned enough gross income to cover their share of government spending at federal, state and local levels. According to these organizations, this year that day falls on August 19. That means working people have put in 231 days of work to meet all of the government costs. Here is a chart that shows where Cost of Government Days have fallen since 1977.
According to these groups, this year Cost of Government Day calls eight days later in the year than 2009. And it’s 32 days later than 2008. Cost of Government Day falls later and later as more money is required by the government to cover costs. Officials say the government consumes 63.41 percent of national income. To learn more about their calculations visit CostofGovernmentDay.com. Between 1977 and 2008, Cost of Government day never fell later than July 20. Officials say the Emergency Economic Stabilization Act, the Troubled Asset Relief Program and the American Recovery and Reinvestment Act of 2009, all contributed to the additional government consumption.