The Cracks are Starting to Show

Governor Codey is mulling over whether to sell or lease the Turnpike and/or Parkway in order to fund the shortfall in the State's Transportation Fund and to avoid raising the gasoline tax. Link The most telling part of the article, however, tells us "By next June, the Transportation Trust Fund will run out of money for new projects, with all its money going to pay off its escalating debt."

Now I don't know about you, but this sure looks like bankruptcy to me. If your wild, idiotic brother in law did this with his house you couldn't stop the tsk, tsks amongst the family. Can't you hear old Aunt Mable "You know he was never that bright...." The worst part of this situation is that in the same paper on the same day there is a short blurb about Codey asking the Assembly to fund his Stem Cell Research and State Park program to the tune of $250 million.

Selling assests is just a precursor to the explosion that is coming. It could be bond debt, public pensions or any of a hundred items, but this State is running headlong into bankruptcy.