Sale By Any Other Name

       Senator Thomas Kean, R-21, today announced he will file a federal information request regarding the Corzine administration’s plans to sell the New Jersey Turnpike and other state assets.

      “The outline of Governor Corzine’s plan clearly constitutes a sale of the Turnpike and other state assets,” Kean said.“Whether it’s selling the Turnpike to any public or private interest or selling the tolls collected on the Turnpike, after the tolls have been tripled, it is an exchange of something of value for money.  Two things are clear no matter what vehicle Governor Corzine develops to sell our assets – the state will irresponsibly mortgage our future for a short term windfall and tolls will be dramatically increased.

        Kean will file a request under the federal Freedom of Information Act for all documents filed by the State of New Jersey with the IRS pertaining to the proposed  toll road sale and its tax implications.

      Earlier this week, Kean sent a letter to Treasurer Brad Abelow to detail the $4.6 million of taxpayer money that has already been squandered to study a potential sale of the Turnpike and other state assets.  Kean has yet to receive an official response.

        “For three months the administration has been promising it would soon put its proposal before the public, now it wants to delay that discussion until after the November elections,” Kean said. “The public has a right to know those details now. Like most New Jersey residents, I am skeptical about any proposal that includes financial gimmicks to mortgage away future revenues through a sale of the state’s assets. Motorist will get slammed with huge toll increases and the windfall will quickly be squandered.

      “The governor would have more creditability on this issue, if the budget he trumpeted yesterday did anything to remedy the state’s financial predicament. Instead, the budget he signed compounds the problem, spending exceeds revenues and creates a $2.5 billion deficit in next year’s budget. He claims the only way to solve the problem he is creating is to put the Turnpike on the auction block. I suggest he think outside the State House box, and consider solving the problem by having state government live within its means and cut spending – state spending is up $11 billion, almost 50 percent since 2002.

        “Selling revenue producing state assets is shortsighted and unnecessary scheme aimed at feeding the Trenton spending carousel.”

 

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