Happy ‘Deficit Day’
You are familiar with the Tax Foundation’s “Tax Freedom Day” — the date by which the average American has earned enough to pay his taxes for the year. This year Tax Freedom Day finally arrived on April 17th. To borrow a phrase from President Obama, let me be clear, on average Americans, must use every penny they earned from January 1st until April 17th to pay their taxes for the year.
One of my favorite economists, Professor Antony Davies, and his colleague, James R. Harrigan, suggest we also celebrate what they call “Deficit Day” to focus Americans’ attention on the on fact that we are headed to bankruptcy. They explain it all in an excellent article they published at Real Clear Markets.
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