Several letters recently have praised the ARPA program. My town of Temple paid for some needed projects, and it appears our other towns have done the same. Wonderful. But one has to keep in mind that this money was not “free.”

It was paid for by increasing the federal debt and is therefore owed by all of us. It has certainly contributed to our current inflation. And the interest costs are a growing part of the annual federal budget, so it affects what else can be in the budget or just adds to the total. Our politicians all want to spend money. Increasing the federal debt is the easiest way to do so. I’m afraid both parties are guilty.

It used to be popular to be critical of earmarks, the money available to individual members of Congress without a vote. Now they are called “Congressionally directed spending” – a slush fund by a different name. What fun for our representatives.

Here are just a few facts, as of the end of June 2024. The federal debt is now $34 trillion. Yes, trillion. It is 122% of our gross domestic product and the annual interest costs are headed to $870 billion this year. Who holds the debt? The public holds $28 trillion, with the difference being held by government agencies. And some is held by foreign governments. We used to say that the debt didn’t matter because it was owed to ourselves. No longer true. Foreign governments hold roughly $8 trillion. Japan and China are the largest holders, with about $2 trillion. Japan may be a friend, China surely not.

You can get current data at fiscaldata.treasury.gov.

Gail Cromwell

Temple