COLLETTI SAYS CORZINE’S PLAN TO SELL TURNPIKE AND RAISE TOLLS IS IRRESPONSIBLE

COLLETTI FOR SENATE

38th District – Bergen County  A Plan Only Wall Street Will Like 

COLLETTI SAYS CORZINE’S PLAN TO

SELL TURNPIKE AND RAISE TOLLS IS IRRESPONSIBLE

CORZINE REFUSES TO PUT LIMIT ON TOLL HIKES 

Elmwood Park NJ – In the aftermath of comments published today regarding Gov. Corzine’s apparent willingness to raise Turnpike tolls by an undisclosed amount, Republican Senate Candidate Robert Colletti said voters need to send a resounding message to the governor that they do not support the sale of the New Jersey Turnpike and other toll roads.

“It is clear that Gov. Corzine is willing to mortgage the future of this state and to wreak havoc on our motorists with his reckless plan to sell the turnpike,” said Colletti, who is opposing Sen. Joseph Coniglio (D-38th District Bergen County). “Voters have to tell him no right now.”

In a Star Ledger report today, Corzine refused to put a limit on much tolls will increase under his so-called “monetization” plan, while Millennium Radio New Jersey noted that Corzine has said he need the funds generated by this asset sale to support his spending priorities.

 “Instead of doing what should be done to bring financial responsibility back to New Jersey – which is cut the ever-growing state budget and rein in spending -- Gov. Corzine is opting for a smoke and mirrors plan to sell the Turnpike  and increase costs for motorists and consumers,” added Colletti, owner of a construction management plan.

Colletti said Corzine’s stubborn refusal to consider any part of $1.5 billion in suggested spending cuts offered by Republican legislators is “simply irresponsible” in light of the fact that state spending over the past five years of Democrat  control has increased by $11 billion.

“My opponent -- Sen. Coniglio won’t stop the Turnpike sale because he voted for all those tax and spending hikes. He wants to increase state spending, I don’t. I won’t support any financial gimmicks. 

“Selling fixed assets like the Turnpike or Parkway to raise money so New Jersey can expand the size of its bloated government is just a bad idea. It is a sign of desperation by an administration that simply can’t say no to more and more spending,” said Colletti.

A WALL STREET PLAN  

Noting that the governor was once a high-ranking Wall Street official, Colletti said that Corzine’s plan to sell – or monetize -- the Turnpike so the state can essentially increase its already ponderous debt “is the kind of plan that can only be dreamed up on Wall Street.”

 “The only people who will benefit from the governor’s convoluted plan to sell the turnpike are the Wall Street bankers, who will collect big, fat fees from the financing of the Turnpike sale and their clients,” added Colletti. “Selling the Turnpike will become New Jersey’s Enron debacle.”

When a similar toll road sale gimmick was attempted in Indiana, the private owner who leased Route 80 was permitted to boost tolls by 70 percent through 2011 – and by the rate of inflation beyond that. Some estimates of the toll increase required to attract private investors in New Jersey place the potential toll hikes even higher.

Colletti said the governor’s plan to create a non-profit corporation to oversee, manage and maintain the turnpike after it is sold is part of the Wall Street shell game.

“The governor wants to create another expensive bureaucracy to essentially borrow more money so the state can spend more money,” said Colletti. “How does this plan help New Jersey achieve fiscal discipline? 

“It is time that New Jersey voters send a message to the governor and tell him to cut spending rather than engage in another fiscal gimmick that will eventually come back to bite taxpayers,” added Colletti.

Colletti is running with Assembly candidates John Driscoll and Renee Czarnecki in District 38, which is comprised of District 38 comprises” Cliffside Park Borough, Edgewater Borough, Elmwood Park Borough, Fair Lawn Borough, Fort Lee Borough, Hasbrouck Heights Borough, Little Ferry Borough, Lodi Borough, Paramus Borough, Ridgefield Borough, Saddle Brook Township, South Hackensack Township, Teterboro Borough,