By Brett Davis, Evergreen Freedom Foundation
It's not a holiday or anniversary that one would find on a calendar, but today is national Cost of Government Day — the day the average American finally stops working to pay for all the expenses of government at all levels, including regulatory burdens. ... Besting last year’s dubious honor, this year’s Cost of Government Day falls later than any year since it was first tracked in 1977.
What this means in practical terms is that it takes 231 days out of the year for the average worker to meet all the costs imposed by government. Given that “stimulus” funding is still ongoing and the passage of health care “reform” earlier this year, is it any wonder the cost of government consumes a staggering 63.41 percent of national income?
Government is the problem
by Bob Qat
The AP story on the current economy proved they are a captive press organ of the "Democratic" Party. Their story on the economy leads off with "Layoffs are back, and that's bad news for the fragile economic recovery."
It is not the layoffs causing the problem. The layoffs are the result of governmnet hyper spending. Lighten the burden of government and businesses will be able to hire more people.
Grover Norquist, Americans for Tax Reform president, put the depressing figures in context: "Two years ago Americans worked until July 16 to pay for the cost of government: all federal, state and local government spending and regulatory costs. That government was too expensive and wasteful. Two years later, we work until August 19 for the same bloated government. We have lost an additional full month of our income to pay the cost of government in just the last two years."
inspired by Eric Roseman
The old adage "Don't fight the Federal Reserve" is one with which investors mostly can't go wrong. However, with the Fed now buying up Treasuries, perhaps a better warning would be, "Do as they say, not as they do."
Today's Treasury looks a lot like the German Weimar Republic of the early 1920s when ballooning debt turned into hyperinflation. Recall images of folks carrying their cash in wheelbarrows. They couldn't fit enough of that inflated paper in their wallets when a loaf of bread ran 3 Billion marks.
Sovereign credit risks are real, and dangerous. But more risk equals more reward, right? Not in US bonds --- not now. Yet investors snap them up at record rates.
Are investors crazy? Probably not. It just this government has got them scared.