Governor’s Toll Road Plan Under Heavy Fire
Governor Corzine’s plan to use toll hikes to pay down the State debt has come under heavy fire in recent days. A few weeks ago, it looked more likely to pass than not, with many Democrats in the Legislature expressing support and the endorsement of the pro-business Chambers of Commerce. However, this past week, all 17 Republican State Senators and all 32 Republican Assemblymen signaled that they would oppose the plan. Since the Democrats have a majority in both Legislative houses, the Republican opposition was not a deal-breaker. However, State Senator John Adler, a prominent Democrat who is running for Congress, announced his opposition, as well. In addition, a group of environmental and transportation groups declared their rejection of the Governor’s plan as long as it continues to include widening some major roadways. Suddenly, the asset monetization plan looks dead on arrival.
The toll hike plan calls for increasing tolls substantially over the next decade and using the money to pay down the State’s debt, establish a transportation trust fund, and widen several major roadways through the use of bonds. Paying down the debt is critical to the long-term future of our State. Interest on the State’s debt could cripple New Jersey’s economy in the coming years should it not be dealt with promptly. However, whether significantly increasing tolls to accomplish the task is the best way to go is questionable. Furthermore, if the State is in such massive debt, why does the Governor’s plan call for spending $4 billion (yes, with a “b”) to widen roadways? In addition, why does all of the pain for paying down New Jersey’s debt have to fall on drivers?
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Michael M. Shapiro, founder of ShapTalk.com, is an attorney who resides in New Providence,