June 7th was Friedman Day

As you probably guess this day is named after Milton Friedman. But what exactly does this day signify? Trust me the answer is just as interesting as the question...

Friedman Day is the day in the year when Americans have earned enough money to pay the full costs of Government. This is calculated by the American Institute of Economic Research and will vary each year.
This year the Friedman Day was on the 7th of July.

This is not the Tax Foundation's Tax Freedom Day, when Americans' aggregate income collectively finances all municipal, state, and national taxes. And this is where the significance lies. Friedman Day includes not just the income from taxes but also other sources of Goverment income. It also includes the money government borrows to pay for spending that isn't covered by tax revenue. So Friedman day will be a few days after the Tax Freedom Day.
Both these could be on the same day when there is no deficit.
The larger the deficit the larger will be the gap between these 2 days. Interesting eh...

With over 1.8 trillion dollars in deficit.. expectedly the gap this year could be wider...

Here's an interesting link on Friedman: http://www.lewrockwell.com/rothbard/rothbard43.html