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Considering NJ, NY and the federal government are all in states of budget crises, all are essentially bankrupt, and all would have to borrow money, I'd say that none of them should pay for any part of the project since none of them can afford it.
Good luck with that fantasy. We're talking about our polticians here, not money managers.
Yes the cost outweighs the benefit right now, but what about 5 years down the road? 10 years? It's a one time investment for a critical long term benefit.
More infrastructure projects such as this has to be built sooner or later, and the longer we wait the more expensive they will be to build it, that's a fact, and most likely without the government funding as the stimulus dries up and the feds deal with their own budget deficit.
I appreciate your rationalization of the project and even agree that it would bring long term benefits. But it would also bring long term costs. The state won't be able to reduce our crushing debt by spending even more money. We can barely afford to keep our current infrastructure running, let alone pay for a new massive project. More debt and higher taxes won't benefit our already strained state.
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Originally Posted by gagaliya
Also people just dont realize you will not see a cent of this money applied to reduce tax for your property or business cost in NJ. It will just be wasted on other less critical stuff. It's sad but reality. The way NJ government operates is if i have $100 i will spend $100, if this project cost $20, then i will spend $80, if this project was cancelled, then I will spend $100 anyway on other crap. Dont believe me? just watch your property or business tax, and see if this cancellation will help at all in the next 1-2 years.
I don't think anyone is naive enough to think that our taxes will go down anytime soon. Christie's goal is to fix New Jersey's fiscal house without raising taxes. The main goal is to reduce our state debt. Once the deficit is tackled, along with long term liabilities, then hopefully the state will be able to reduce our tax burden. But this will only happen if towns are willing to consolidate services and cut wasteful spending. This will take years and probably won't even be accomplished during the current administration, but it's a step in the right direction. Admittedly I'm painting a rosy picture and so far every interest has been fighting Christie tooth and nail over every proposed cut and reform. So it won't be easy.
As for your $20/$80 example, in most cases, government projects are more expensive than private sector projects. Savings are rarely passed on to tax payers. This is how most governments operate. Of course there are certain projects (such as this one) that the private sector wouldn't take on by themselves, so the government does. And I understand that there is job creation during infrastructure projects such as this, however they're only temporary. It's just not worth taking on such an expensive project when the state is broke, IMO. I certainly can see your point though.
Maybe Christie is smarter then we think(I doubt it) and is squeezing the feds for more money. Time will tell.
It would be the smart move. You have guys like Corzine and Menendez who keep saying "lets do it", "We have to do it.", "We cant live without it." Why would the fed or NY kick in more money if that is our attitude. THEY want it as much as we do, and maybe even more. Let them pay more.
The Menendez approach is like going into a car dealer and telling him "I NEED THIS CAR, TODAY!!! I CANT LIVE WITHOUT IT FOR EVEN ONE MORE MINUTE!!! Now, what kind of deal can you give me?"
I think Christie is playing hardball. I think he is fully prepared to cancel the project and he wants everybody to know that. It seems like it may be working.
This is a much more informative article. Star Ledger rail tunnel article
It says that Christie and the fed will be at the negotiating table. That could be a big win for NJ. We'll see.
I would think so, this is a no brainer, money maker for Jersey. Charge tolls to pay for it. It will create jobs, bring in money. Why this guy even THOUGHT to say no is crazy! Made no sense at all.
.......The Menendez approach is like going into a car dealer and telling him "I NEED THIS CAR, TODAY!!! I CANT LIVE WITHOUT IT FOR EVEN ONE MORE MINUTE!!! Now, what kind of deal can you give me?".
Perfect analogy.
What is it about NJ'ians that we don't elect people to go to DC and bring the bacon home to us for a change?
If the Federal Government can pay for a train in Orlando-Tampa, which is essentially a train for the aging Disney World that can not keep its customers in its hotels because it has no beach, than they can dish out money for transit projects in the Northeast which is the life blood of this nation. A rail line is more important here then in some swamp(Florida) that has no jobs to speak of and is know as the low wage capital of America.
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