Still Paying for Obama's Overspending

Americans are still paying for Obama's overspending.

By SHARE

Happy Cost of Government Day.

"A milestone calculated by Americans for Tax Reform Foundation and further explored in the annual Cost of Government Day report," the group said in a release, "Cost of Government Day is the day on the calendar year until which the average American must work to pay for the full costs of government spending and regulation at the local, state and federal levels."

Some key points from the report:

  • Impact of Obama overspending: Americans have lost 29 days of the calendar year thanks to Obama's overspending and regulatory zeal. 2011 marks the third straight year Cost of Government Day has fallen in August. Prior to the Obama administration, Cost of Government Day had never fallen later than July 21.
  • Stimulus, bailouts, and federal spending: The effects of the bailouts and failed "stimulus" plan are still being felt by Americans, who must work a full 103 days to pay for the costs of federal spending.
  • State and local government spending:  Americans spent 44 days working to pay off state and local government spending.
  • Regulatory burden of Obamacare and Dodd-Frank:  Americans are forced to labor 77 days to pay for total federal regulations, a workload that will increase exponentially with the implementation of the Dodd-Frank financial regulatory bill and Patient Protection and Affordable Care Act, better known as Obamacare.
  • As far as the overall government burden is concerned, "Americans labor a full 224 days into the year to pay for local, state and federal government spending and regulations." Whether or not it's worth it is a different question —the answer to which depends on who you ask.

    • Read more about the deficit and national debt.
    • See an opinion slide show of 10 wasteful stimulus projects.
    • Check out a roundup of editorial cartoons on the economy.