Another sucker’s rally greeted the news that the third largest single day increase in the debt. On June 30th the U.S. Debt jumped $165,931,038,264.30, which the Washington Times points out is larger than the entire annual deficit for fiscal year 2007. The Times also points out that this is the third largest single day jump in U.S. history, and the other two both happened during Obama’s tenure.

But these debt calcualtions, while titilating, don’t take into account the real gravity of the situation:

The Treasury Department calculates the country’s debt position each day, and big rises and falls are not unusual. In fact, since hitting $13.203 trillion on June 30, the figure has since slipped $25 billion to settle at $13.178 trillion as of Tuesday, the latest day for which figures are available.

June 30 is always a major day for new debt, since debt held by one part of the government to another – for example, IOUs to the Social Security trust fund – are rolled over, a spokeswoman for the Bureau of the Public Debt said.

All told, this June 30, the government reported issuing $760 billion in new debts and redeeming $594 billion, for a new net debt of $166 billion that day.

[…]

Total public debt includes two pots of money. One is normal government debt in the form of Treasury bills and bonds held by consumers, while the other is intragovernmental holdings, or money one part of the government borrows from another agency. That includes money borrowed from the Social Security trust funds.

Some analysts say the key measure is not the total public debt, but the debt in the hands of consumers. That figure stood at $8.628 trillion on Tuesday.

And what none of these figures take into account is that this debt is shouldered by roughly half of Americans. The figures vary according to sources, but somewhere between 40-50% of Americans pay no taxes and a significant percentage of those receive government benefits. And any semi-honest source will tell you that that number is growing, not shrinking. So when people talk about the “average household” debt they’re including people who will never pay into the system. You will shoulder their debt as well as yours.

But that’s not all. Programs that are considered “payed for’ but that are short money aren’t counted either. Medicare is one example.

And of course tax revenues will collapse next year, and then you’ll see the share of taxpayers debt triple as will tax rates. It’s not a good time to be doing well in America.

Far be it from me to tell you what to do but I’m lowering my productivity and lifestyle to a point where I can escape the 75% tax burden the government is going to eventually slap on anyone they claim is wealthy. This is a process of converting assets, storing goods and becoming self-reliant so it doesn’t happen overnight. Many economists have publicly told investors to hoard gold and buy farmland. I say hoard food and ammunition and learn to farm, forage and barter.