The U.S. national debt now tops 31 trillion dollars—more than triple what it was in 2008. The numbers are unprecedented, and yet the experts are not optimistic that we will reestablish economic solvency anytime soon. So what does this mean for you?
To personalize the impact of these staggering figures, in 2010, the Independent Institute launched MyGovCost.org and its Government Cost Calculator, an online tool that allows anyone to estimate their lifetime federal tax liability and their implied contribution to a host of federal spending categories. The calculator’s formulas draw on data from the U.S. Bureau of Labor Statistics, U.S Census Bureau, and Congressional Budget Office (for technical details, please see our Methodology page). The calculator also enables taxpayers to see what they could have earned if their money wasn’t claimed by the tax collector, but instead earned for them a historic stock-market return of 6 percent.
Since our launch, we have expanded our website to include a huge archive of analysis and commentary at MyGovCost News & Blog. On April 14, 2014, we announced the release of our free mobile app. On July 6, 2015, we released our satirical video series, Love Gov: From First Date to Mandate. Like what you see? Please us help spread the word!