The American Institute for Economic Research has calculated that today, May 19, is the date at which Americans have earned enough income to pay for all governing spending. They have termed today, “Friedman Day.” This differs from the Tax Foundation’s Tax Freedom Day, which occured three weeks ago, in that it includes all government spending, including borrowing and fees, rather than just taxes. (See chart below).
Deroy Murdock has a commentary on NRO Online.
Note: Americans for Tax Reform also has a Cost of Government Day, which adds the cost of government regulation into the mix. This typically falls in July.