Today is a special day, though not of the happy sort — indeed, there will be no dance of joy. After a brief description of the cost of government day, which marks the point in the year that the average citizen can begin keeping his or her own earnings, Prof. Antony Davies introduces the Most. Depressing. Stat. Ever.
Deficit Day. Which he describes thusly in a RealClearMarkets.com aritcle:
The 107 days of your labor that Washington claims for itself do not come close to paying for government. Most Americans know that the government spends more than it takes in, and a simple measurement along the lines of Tax Freedom Day would put this into sharp perspective.
We propose “Deficit Day”-the date at which federal tax revenues run dry and Uncle Sam begins racking up more debt. This year it falls on September 10th.
Got that? Until April you work for what you are *currently* taxed and until today you’ve been working for what the government spends, which means you’ll be taxed for that amount in the future.
By the way, if you think all that hope and change is for the better, it’s worth considering that Deficit Day in 2009 was a month earlier.