Happy Cost of Government Day 2012

Today Pennsylvania reached its Cost of Government Day, according to Americans for Tax Reform’s annual report. In other words, it took the average Keystone worker until July 20, or 202 days, to earn enough to pay off federal, state and local government spending and meet the costs of regulation. While an improvement from last year, Pennsylvania remains a dismal 35th place among U.S. states, and burdens workers an additional five days more than the national average.

The American worker labored 88 days to cover federal spending, 40 days to cover state and local government spending and 69 days to cover regulatory costs. Federal spending continues to fuel the unsustainable costs of government. Over the last 10 years, federal spending has cost workers an additional 17 days, consuming nearly a quarter of GDP.

Unfortunately, the President’s signature health care law is projected to push the cost of government day even later in the year. That means workers will have to work even longer to pay for their government, as the new law could cost Americans more than $2.3 trillion, requiring hundreds of billions in tax increases.