re: #381 Targetpractice

Because crumbling roads are worth dealing with if we can save a few cents per gallon!

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Well, in that vein, Gov. Christie’s use of the Port Authority to rebuild the Pulaski Skyway is attracting SEC scrutiny because of bond offerings made by the Port Authority that are outside the scope of the authority’s, well, authority.

The Governor didn’t want to raise the gas tax, didn’t want to raise other taxes, or shift funds to the Transportation Trust Fund (TTF), so he decided that he’d take billions that had been set aside for the ARC tunnel to plug a hole in the TTF, and in particular, the skyway rehabilitation.

If the SEC finds that this is illegal, the state and the Port Authority have a mess on their hands. It might mean another downgrade on their credit ratings (increasing their costs for borrowing), and the state will have to come up with still more money it doesn’t have.

Christie’s already in hot water over taking billions meant for pension payments, in violation of the state constitution contracts provision (he’s facing a suit over that taking, even though he needs to balance the budget before July 1 and there’s few options left for him to do). Raising taxes or cutting services, or a combination of both - and he’s unwilling to raise taxes, and he’s mandated to provide most of the services.

Add to that the fact that he’s consistently blown budget estimates by being too optimistic about state growth, and he’s facing a bleak economic picture.

Fix the roads and bridges, build infrastructure, and it’ll pay off down the road (literally and figuratively), but he’s intent on doing anything but paying the bill - now or in the future.