Toll poll
January 17th 2008 07:24 am
A new poll from the Monmouth University Polling Institute on Governor Corzine’s scheme to raise tolls over 700% during the next 14 years:
Based on what you have read or heard do you favor or oppose this plan, or do you have no opinion?
Favor 15% Oppose 56% No opinion 29%
Joe Versaggi responded on 17 Jan 2008 at 8:37 am #
Corzine’s political calculations appeared to have back-fired: maximizing the affects of debt reduction on the minority who use toll roads so as to minimize the amount of people opposed. He got that idea from the NJT fare hike. Even Democrats polled are 2.5:1 against it. For those that never use toll roads, they are opposed by over 2:1, though half don’t care.
Bob Scheurle responded on 17 Jan 2008 at 11:08 am #
I suspect that even the people who don’t use the toll roads think the scheme is unfair and/or they don’t want to take-on 75 years of debt.
(Edit: Just noticed that they were originally talking about borrowing money for 30 to 50 years, and now it’s 75 years. I wonder if it will ever be paid off.)
Joe Versaggi responded on 17 Jan 2008 at 3:53 pm #
And what is this new non-profit corporation he wants to set up ? Does shifting debt to that improve the state’s bond ratings ? I suspect not, and in the case of a default, the state would still be on the hook.
That is very similar to Fannie Mae and Amtrak debt. Those who dislike those programs think their bankruptcies would have no affect on the the worthiness of US Bonds, but that would not be the case. It would prompt an international banking crisis.
Bob Scheurle responded on 17 Jan 2008 at 5:09 pm #
The Administration says: “All potential debt would be issued by the PBC. This debt would be paid through dedicated revenues earned from tolls and the State would have no liability on debt payments.”
I don’t believe that for a minute. If it were true, the public benefit corporation (PBC) could simply close up shop, the debt would disappear, and the State wouldn’t be on the hook for the money.