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January 18, 2008
New Jersey Toll Hike
Our most esteemed Governor Corzine has come up with a solution to end all of New Jersey's financial woes - he's gonna toll us to death!
A look at New Jersey Gov. Jon S. Corzine's plan to pay state debt and fund transportation projects by increasing highway tolls:
HOW MUCH: Corzine wants to increase tolls 50 percent in 2010, 2014, 2018 and 2022, but the increases would also include adjustments to reflect inflation in the years tolls weren't hiked. After 2022, tolls would rise every four years to reflect inflation.
THE COST: Under Corzine's plan, over the next decade, the cost of the average turnpike trip would increase from $1.20 to $5.85, the average parkway trip would rise from 35 cents to $1.60 and the average expressway toll would go from 50 cents to $2.40.
A 35 cent toll would be put on Route 440 in 2010.
WHICH ROADS: The Atlantic City Expressway, Garden State Parkway and New Jersey Turnpike, with tolls added to the 4-mile-long Route 440 in Middlesex County.
THE GOAL: The administration estimates the deal could be worth as much as $37.6 billion, helping pay off as much as $29.6 billion in toll road, transportation, open space and general debt and provide money for road work, helping save nearly $1 billion annually.
HOW WOULD IT WORK: Corzine wants to create a nonprofit corporation that would manage toll roads and issue bonds to raise a huge chunk of money up front. The bonds would be paid back with increased tolls.
OTHER MEASURES: Corzine wants to ask voters to make it tougher for the state to borrow without voter approval and to limit annual state spending growth to revenue growth. He also promised not to let state spending increase in the budget due July 1.
WORRIES: Businesses say increased tolls could make goods costlier, while others worry trucks and cars looking to avoid higher tolls will jam local roadways.
THE PITCH: Corzine has promised public meetings in all 21 counties. He has scheduled the first public meeting for Jan. 12 in Livingston.
Posted by Cate at January 18, 2008 08:22 AM
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Comments
Gah. I wish youse luck. While you have the governor - and 99.999% other elected officials - from hell, across the river, here, we have two of the schmuckiest US Senators pretty much ever.
Posted by: Erica at January 18, 2008 05:24 PM
