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Hard to tell - the names are so alike and they are both fond of borrow-and-spend via issung of bonds...
This time, the Fat Christie is 2 BILLION (yes, Billion with a "B") by way of issuing bonds. Good job Mr. "if we can't afford it we can't have it"... I guess we can have it if you do what all the people you've criticized have done, and what your Republican predecessor, the Chicken-lady, did the most of - issuing bonds and spending the dough.
Even as NJ Gov. Chris Christie’s administration debates canceling the Access to the Region’s Core rail tunnel between New Jersey and New York — supposedly for reasons of fiscal responsibility — state officials are borrowing another $2 billion to pay for widening NJ’s toll roads.
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Earlier this month, NJ Transit Executive Director Jim Weinstein testified at a legislative hearing that administration officials had, in fact, discussed delaying or canceling ARC as a way to replenish the Trust Fund. A 30-day moratorium on new ARC Tunnel work, reportedly to review project costs, expires in two short weeks.
But former Rutgers Voorhees Transportation Center director Martin Robins has pointed out that defunding ARC could only “take the pressure off” the Trust Fund for two years at most. Much of the state’s ARC funding is not “cash in hand” but is spread out over multiple years and can’t be used to fix NJ’s immediate budget gaps unless the state borrows against it. New Jersey would also lose $3 billion in federal funds dedicated to the project, and the Port Authority would retain control of the $3 billion it has pledged to ARC (so there would be significant limits on what the PA’s money could be used for instead).
I guess old fat-boy is not content with losing just $400 million, he wants to lose $3 Billion in federal funding. The $400 million he instructed Shundler to lose was a drop in the bucket.
It all makes sense, though - Christie wants all the money that NJ pays in Federal taxes to continue to go to his Republican cronies in Red states.
Of course, none of this will stop the "Christie is the bestest governor EVER!!!" crowd, but they are a minority, no matter how vocal they are on this forum (and half of them are from out of state, too, from places like New Mexico and Pennsylvania).
I'm still amazed that people consider these bonds news. They have been talked about for a long time now. Christie himself has stated that he looked at all the other options, but was left with no choice but to issue the bonds for this go around while they worked on a permanent solution to the Transportation Trust Fund. These bonds are being issued to pay for already committed road and bridge repairs that are desperately needed.
When it comes to the "Tunnel to Macy's Basement" that was a Corzine project that we were committed to that is extremely expensive with very little upside. There was talk of pulling out of the project completely but that would mean losing all of the additional funding that was talked about. Corzine committed to using the Transportation Trust money for the rail project and that has placed us in the position of needing to issue bonds to make up the difference and fund needed road projects.
When it comes to the "Tunnel to Macy's Basement" that was a Corzine project that we were committed to that is extremely expensive with very little upside.
Very little upside?!?!? Hmmm....
From the linked article: "a project that will double train service between New Jersey and New York, grow the economy of both states, increase home values in NJ, and take tens of thousands of cars off of state roads."
Yeah, I guess that's not enough "upside" to be noticed, especially by individuals who would rather ride in limos or live in another state. As a veteran commuter, I think these are GREAT "upsides".
We can't afford a multi-billion dollar tunnel. People can't pay their taxes and are losing their homes. Residents are being forced out of the state due to the high COL. Tax liens are being placed on homes in record numbers because property taxes are through the roof and people can't afford to pay because they lost their jobs or are suffering.
WE CAN'T AFFORD LUXURIES LIKE NEW MULTI-BILLION DOLLAR TUNNELS. HOW DO PEOPLE NOT UNDERSTAND THIS??
From the linked article: "a project that will double train service between New Jersey and New York, grow the economy of both states, increase home values in NJ, and take tens of thousands of cars off of state roads."
Yeah, I guess that's not enough "upside" to be noticed, especially by individuals who would rather ride in limos or live in another state. As a veteran commuter, I think these are GREAT "upsides".
The proposed line will run from Xanadu in the Meadowlands through a brand new tunnel and terminate about 180 feet underneath Macy's at 34th Street. Since there is no terminal under Macy's it will cost about 1 billion dollars to build one. This tunnel is being built to what is essentially "nosebleed" country in NYC comapred to the existing tunnel in use and the one Amtrak is planning that all run to Penn Station and connect to all the existing infrastructure.
There are currently five major transit projects all heading into NYC. NY is helping pay for all of them EXCEPT this project as it has no tie in with any of the others or any existing infrastucture.
The tunnel that Amtrak is planning will require expansion of Penn Station and it may be up to a decade away at the very least. It's not possible to run the ARC line into Penn Station. The alternative and original scope was to run this line to Grand Central, which would have a far more major impact than a line going to 34th Street. The problem is there is a water tunnel in the way, but NYC is working on moving it.
As it stands, there is no plan to continue the line to Grand Central where it would have a real impact. Also, there is no commitment from NYC to help pay for that connection once the water tunnel issue is fixed (which is currently being planned). Additionally, the State of NJ is fully on the hook for any cost overruns the project incurs which are currently projected at $2 - $5 billion, with $3 billion being the most common estimate.
So, yes, the ARC tunnel is an important project, but we set out to build it with little partner support and are going ahead with spending the money despite not building the project as originally envisioned. When I speak of "little benefit" the remark is meant as "cost benefit". When you look at all the pieces, it's a lot of money to spend on a project that doesn't accomplish the original goal (going to Grand Central) and has no one willing to help with cost overruns that may cost this state at least another $3 billion we don't have. Corzine committed to a project that wasn't fully fleshed out.
Even the Rail Guru is opposed to the Tunnel Plan. If it went to GCT then i would be for it , but as it stands i'm anti-ARC. I rather see NJT ride on the 11 Billion $$$ Amtrak Tunnel and Station plan which should be done with by 2025s....I rather see the MOM network built , and Restorations of the Lackawanna , West Trenton , Philipsburgh , Cape May and Pompton lines which were planned in the mid 90s but Corruption and lack of funding killed or put them on hold. But this state needs to bring back the HOV lanes on the highways like they had in the 90s. And Stop building more highways , we are the only Northeastern DOT that hasn't committed to not building more highways and focused on fixing the ones we already have. We also need Smart Highways in this state.
I think what he's saying is that we don't have enough money to do everything. The money for the NJTP and GSP is being borrowed against future toll revenues and insured by the state. That's very different then the outright borrowing and spending of tax revenue by the state required for the ARC tunnel. The bonds for the roads will held by the authorities, the bonds for ARC will be held by the state. Both add to our liabilities, but only ARC adds directly to our debt.
I don't hear anyone complaining about widening the NJTP and GSP, but there are plenty of vocal critics about the ARC plan and what a poorly thought out decision it is. When NYC won't chip in to help build the ARC tunnel because they don't agree with the plan, that's telling.
Even the Rail Guru is opposed to the Tunnel Plan. If it went to GCT then i would be for it , but as it stands i'm anti-ARC. I rather see NJT ride on the 11 Billion $$$ Amtrak Tunnel and Station plan which should be done with by 2025s....I rather see the MOM network built , and Restorations of the Lackawanna , West Trenton , Philipsburgh , Cape May and Pompton lines which were planned in the mid 90s but Corruption and lack of funding killed or put them on hold. But this state needs to bring back the HOV lanes on the highways like they had in the 90s. And Stop building more highways , we are the only Northeastern DOT that hasn't committed to not building more highways and focused on fixing the ones we already have. We also need Smart Highways in this state.
Nexus,
I understand your point and your opinion regarding ARC. In actuality, I am not in favor of it 100% either, and in no way will it help MY plight, as I will be retired long before either of these tunnels is built. But really, do you think this Gov will actually put ANY funding behind ANY mass-transportation project? He has demonstrated through his actions that he will continue to build and expand roads, and keep gasoline at the lowest price in the nation (world?).
He has already pulled funding from NJ Transit, resulting in a HUGE fare increase that put 5% of NJ Transit's customers back onto these roadways, resulting in more traffic and pollution.
And ARC, though it might need some tweaking, WOULD provide an alternative tunnel between NJ and NYC in the event of some future calamity that destroys one or more of our existing 100+ year old tunnels.
I think what he's saying is that we don't have enough money to do everything. The money for the NJTP and GSP is being borrowed against future toll revenues and insured by the state. That's very different then the outright borrowing and spending of tax revenue by the state required for the ARC tunnel. The bonds for the roads will held by the authorities, the bonds for ARC will be held by the state. Both add to our liabilities, but only ARC adds directly to our debt.
I don't hear anyone complaining about widening the NJTP and GSP, but there are plenty of vocal critics about the ARC plan and what a poorly thought out decision it is. When NYC won't chip in to help build the ARC tunnel because they don't agree with the plan, that's telling.
Anyone would need to agree that there is not enough $$ for everything. That is obvious, especially these days. Seems to me, though, that anything dealing with mass-transportation is on his chopping block, while anything that benefits Conoco-Phillips gets a green light. His policies strike me as being extremely one-sided ... against the working-joe commuter and against the environment.
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I guess we can have it if you do what all the people you've criticized have done, and what your Republican predecessor, the Chicken-lady, did the most of - issuing bonds and spending the dough.
