Federal funds were money borrowed from Chinese

2013-01-09T00:00:00Z Federal funds were money borrowed from Chinese nwitimes.com
January 09, 2013 12:00 am

This was a very nice article ("Signal replacement project in Valpo," Dec. 26) about upgrading the traffic signals in downtown Valpo. However a serious error was made.

The article states, in part "... with 80 percent ($550,000) covered by federal funds ..." There are no federal funds. There never have been any federal funds. There are only taxpayer dollars.And these are distributed by bureaucrats to the wheel that squeaks the loudest.

What really happened, since we are somewhere between $14 trillion and $15 trillion in debt, is the feds borrowed more Chinese dollars to cover this project. They added a little more than a half million dollars to the country's debt.

If it was such a worthy project, why not float a bond issue and let Valpo's taxpayers pay for these upgrades of their own lights? Possibly, Valpo's officials might have thought such a bond issue would not pass.

- Frederick O. Sanderson, Valparaiso

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