ANOTHER MONTH
OF GOVERNMENT IN YOUR POCKET

In the month of October, the Bush administration ran up the nation’s debt $94.4 billion. But last Friday, November 11th, the U.S. Treasury’s Monthly Statement came out right on time. Now, we can see how many entitlements were robbed in October and how many trust funds the pirates cashed-in by drawing taxpayer money from the General Fund, most of which was borrowed from foreign countries like China.

The Treasury reported a total surplus of $22.6 billion in October, but a good deal of this came from the Military Retirement trust fund. October was the month to pay interest to this account based on the $177 billion it held in bogus nonmarketable bonds at the close of fiscal 2005 on September 30, 2005 – interest that’s paid at no cost to the government and simply by dumping about $10 billion more in bogus bonds into the account. Oh well, it helps their crooked bookkeeping.

Social Security’s Federal Old Age & Survivors Insurance trust fund had a surplus of $2.5 billion, but this was offset somewhat by a one billion withdrawal from the Federal Disability Insurance trust. You will remember that the combination of these two insurance trusts, or what we normally call the “Social Security trust fund” (which now tops $1.8 trillion), was not supposed to be called upon until the baby-boomers started to retire in 2009 or 2012. Well, the crafty disability advocates (lawyers) are preempting that fable.

Of course, the Federal Employees Life & Health fund had a surplus of $136 million last month. This is the account that never has any receipts, but did this by somehow spending that amount of money. It also increased its holdings to $42.2 billion. Don’t you wish you could grow your bank account this way, by spending?

Let’s look at the other accounts, besides Social Security, that were drawn down:

  • The Federal Employees Retirement System (FERS) had another shortfall of $3 billion that American taxpayers had to cover with their hard earned money. This happens every month except in September when about $25 billion in bonds is dumped into the account for no apparent reason other than to keep the fund ahead of the game of withdrawals. Like Social Security, interest is dumped in the account in December and June of every fiscal year and the account now holds $672 billion in bogus bonds you’re expected to cover in the future.

  • The Highway trust fund was drawn down $2.6 billion despite increased gas prices and therefore increased taxes. Evidently, pre-winter repairs are more than gas taxes can cover.

  • Unemployment taxes were short another $455 million reducing this trust to $53.5 billion after once holding as much as $94 billion. This means that taxpayers have covered more than $40 billion of employer’s responsibility since Bush took office. Big business needs your help.

  • Veteran’s life insurance was short another $84 million but, like the FERS system, this is another thing that happens every month so taxpayers should be used to it by now. Too bad Delphi wasn’t a government operation.

Medicare, on the other hand, had a $3.6 billion surplus in October. Coupled with the Social Security retirement surplus for October, it brings payroll taxes to a $6 billion overcharge for the month. There’s no sense to reducing taxes on America ’s remaining workers is there?