There’s “Tax Freedom Day” and “Cost of Government Day”. The latter factors in the costs of regulation/etc, and has been in the late June or early July timeframe (typically depending on State) over the last few years.

Because the US treasury has sold off trillions in bonds, which are a liability for the government (future tax-payers) to repay a debt.

Currently the Iraq War is not being completely funded out of annual tax revenues. So tax freedom day is much much much much further into the future then we think.

Tax freedom day implies that “at least we have paid in full, for all the shiny things that government gives us”.

If you take into account social security and the health system, and Iraq.. I think the concept would be more like “we are digging ourselves into a deeper hole every year and we cannot afford our lifestyle”.