MOVING DEBT
FROM ONE CREDIT CARD TO ANOTHER
No one would deny that reducing the National Debt is an honorable objective. We will have to pay it off someday. But stealing our retirement, health care, and other entitlement money in order to do it is a different matter, especially when Congress and the Administration do not have to reduce their pork barrel spending one iota in the process. They can go right on blowing money all over the place, granting favors to their contributors and friends, without once tightening their own belts, reducing the size of government, or doing what any normal person or company would do when holding an obligation that, by any normal payback schedule, would take 40 or 50 years to pay off. With our entitlement money, they plan on doing it in 10 years.
Since 1998, the federal government has been moving debt from one side of the national debt to the other side. From the honest Investor side of the debt to the dishonest Entitlement theft side. And the National Debt is still rising.
The plan, endorsed by the current administration, is to get all of the "available" debt transferred to the Entitlement Trust Fund side of the National Debt.
Once this is accomplished, once the honest Investor side of the national debt has been paid down as far as possible with your Social Security, Medicare, gas tax and other entitlement surpluses, the federal government will bankrupt nonmarketable bonds, telling you that they have been a hoax all along. A hoax they will "rescue" you from, without ever having to cut their pork barrel spending. (That's our prediction.)
Up until fiscal 2002, more than $300 million a day was being stolen from entitlements to pay down the Investor side of the debt. And it's completely ignored by the Fourth Estate. The so called penetrating news investigators and watchdogs of public interest.
You can follow this yourself at the U.S. Treasury's Bureau of Public Debt web page at http://www.publicdebt.treas.gov/opd/opdpdodt.htm. Just remember that "Debt Held by the Public" is where annual interest is paid and securities redeemed in real cash. And that "Intragovernmental Holdings" are trust funds. Don't get tripped in the government's camouflage use of words.

FISCAL 2002

The Bush administration has disrupted this laundry operation with a national debt increase of $421 billion for fiscal 2002: