On Monday, July 3, 2006, the national debt will be reported as having gone up more than $60 billion. This will happen in one day, Friday, the last day of June.

As of Tuesday, June 28, the last report from the U.S. Treasury’s Bureau of Public Debt at the time of this writing, the national debt stood at $8.350 trillion. The report for the last day of June will be available on Monday and it will show an increase to more than $8.4 trillion. Check it.

The only possible variations or variables to this prediction are how much the Treasury decides to pay-off in investor debt on Friday, how much comes into Social Security or Medicare through payroll taxes on that day, or how much John Snow, the outgoing Secretary of the Treasury, decides will not be recorded until next month. Either way, it probably will not be much different than the $60 billion increase I’m predicting.

The few of us who watch the national debt know that the government has been holding back on borrowing from nations like China and Japan since receiving its normal huge influx of income taxes in April. They do the same thing every year. But the Bush administration’s borrowing two to three billion a day, weekends included, will return shortly.

So far, the Bush administration has increased the national debt $424 billion this year, as of the end of May, and there’s still four months to record in the fiscal year. That means they’ve been averaging $54 billion per month, including the last two months in holding back a bit.

But the increase for June comes almost entirely from two major entitlements, Social Security and the Federal Employees Retirement System (FERS). Half of the annual interest dumped into these bogus trust funds is due in June and that’s what will be recorded on the last day of the month.

The Beltway Bandits don’t want to shock you by dumping this interest into these two accounts all at once, so they break it up into two deposits, half in December and half in June. Each deposit is based on the annual interest rate against last year’s closing balance.

In June, this increase to your debt will be $42.2 billion for the Social Security so-called “trust fund” and $17.6 billion for FERS, the federal employee’s retirement insurance program that never receives enough contributions from its participants to pay benefits, is in “the red” every month, and receives a mysterious annual bonus in bogus bonds every September – enough of a bonus to put it ahead for the year.

Social Security now stands at $1.8 trillion in debt markers with FERS at $670 billion.

It appears that the only reason federal employees make any contribution at all in this FERS program is so they can receive 8-to-1 in matching funds from taxpayers, otherwise it would probably operate like the Federal Employees Life & Health program that never has any receipts at all, spends millions per month, and increases the more it spends.

Once again, you have the opportunity to witness how useful the tools of a scam, trust funds that aren’t trust at all and “special” bonds, are for the thieves in our government.

And Starbucks, the merchants of conspicuous consumption coffee who know their customers, will probably run their “success is not an entitlement – it must be earned” ad on Monday. I’m being sarcastic, of course, but you will not hear anything about this from the New York Times, Washington Post, or Wall Street Journal.

Go to the Bureau of Public Debt’s web page on “Who Holds The Debt” on Monday afternoon and see if I’m kidding you.