As ‘Friedman Day’ slips further down the calendar

Now, we've all heard of "Tax Freedom Day," that glorious spot on the calendar when we start getting to keep the money we've earned instead of pouring it into the gaping maw of government. But R.D. Norton today introduces us to "Friedman Day."

As Norton explains in a piece in Investor's Business Daily, that day includes the amount of money the government borrows. The two days were once fairly close together. No more.

"Now the gap between Tax Freedom Day and Friedman Day has stretched to nearly two months — from April 13 to June 7," explains Norton, a senior fellow with the American Institute for Economic Research.

"The reason? The federal government deficit for the fiscal year ending Sept. 30 has mushroomed to $1.84 trillion.  This means that about 46 cents of every dollar of federal spending will be financed by borrowing through the sale of new U.S. Treasury securities."

Friedman Day of course draws its name from famed economist Milton Friedman, who warned of creeping socialism and its wealth destroying powers. How long till Friedman's birthday and Friedman Day coincide?

July 31.