In one day, the national debt went up $60.1 billion and the difference between the honest and the dishonest sides of the debt are significant. Here’s the way it was posted by the U.S. Treasury’s Bureau of Public Debt on their web pages “The Debt to the Penny and Who Holds It:”

Notice that the IH side went up $77.2 billion while the “investor” side went down $17.1 billion. Isn’t that great? The trust funds gained a bunch, while what we owe countries like China , Japan , and others went down a bit. What a day of saving – Enron style.

The IH side gets this boost every June and December no matter what else is happening in the world. We could all be dead and it would still continue to grow by leaps and bounds as long as there was one federal accountant or robot to post it.

It’s important that the only people responsible for paying off this debt, the taxpayers of the country, understand why this happens. You’re not going to hear it from our cultist government or the so-called watchdogs that support them, which is just about everybody on the East Coast.

This one day rise in the IH side comes almost entirely from half of the annual interest that is paid only two accounts – the Social Security and the Federal Employees Retirement accounts. Social Security received $43.4 billion, and FERS received $17.4 billion for a combined total of $60.8 billion.

The balance of $16.4 billion came partly from Medicare’s receiving $7.5 billion against its $282 billion 2004 closing balance that no one is talking about. The rest came from a number of entitlements, including Social Security, which produced “surpluses” in June that the government stole, spent elsewhere, and where we were awarded debt in return. We will not know how this spreads across the many accounts until the multi-page Treasury Monthly Statement comes out in a week or so.

Paying this interest cost the government absolutely nothing – zero, zip, zilch, nada, squat – because they simply dump more bogus bonds into each account. No real money is involved in the transaction. Not until it’s time for taxpayers to pay off this debt. Then it gets very real.

These are also the same bonds that President Bush waved in the air and called “useless” and “meaningless” when he was down in Parkersburg, Virginia, stumping for his Social Security reform plan. And they really are useless and meaningless to everyone but the government and until it’s time to redeem this debt.

But who can believe George W. Bush after all the lies he’s told us? Even when the man has a moment of desperate truth, he isn’t believable. Oh, a few like Charles Rangel (D-NY) immediately called the chief pirate “irresponsible” for saying that, but most just let it fade into oblivion with the similar confessions Clinton and other authorities made in the past and are all a matter of record.

The “Parkersburg Papers” are even a joke by themselves. Not trusting those new fangled computers, Congress long ago passed a law that “back-up” securities be held in a manila folder a secretary keeps in a file cabinet. No vault or security because they’re non-negotiable nonmarketable Treasury bonds no thief could turn into cash anyway unless he could find some sucker foolish enough to buy them.

Since these securities, electronic or paper, serve no purpose other than to double tax the American taxpayer plus interest, we could get rid of them all. But then, the foreign countries, big pension houses, and individuals who loaned us money by investing in the honest, contractual, eyes wide open, constitutionally permitted emergency fund raising side of the national debt might get upset and suddenly cash-in their holdings, causing widespread economic crisis, particularly for the American Empire.

And if you think paying down this honest side of the national debt in one day was a wonderful thing, then think again, because they’ll just make it up as soon as Mr. Van Zeff comes back to work in July. Haven’t heard of him? Wonder why.

Mr. Zeff is the Commissioner of the Treasury’s Bureau of Public Debt (notice that it’s not called the Bureau of Public & Government Debt) in Parkersburg. He’s the man responsible for borrowing more than $2 trillion a year, a lot of it simply to keep the debt from falling as honest treasuries mature. You can visit him at his “something for everyone” welcoming web page by just clicking here.

In closing, let me remind you that the surplus Social Security receives is the best indicator we have of the state of the job market. It doesn't tell us how many people are employed, but it does tell us how much American workers are making and whether things are really improving or not.

Here's what the figures for May indicate:

More people may be working, but it looks like they're making less. This is not good news for a government desperate for more money. It means that the pirates are getting even less this year to steal and, by itself, is reason enough for them to think of reforming their largest cash cow, Social Security (see chart). Watch for the democrats, in particular, to come up with schemes to increase the booty.

Happy into dependence day.