This story in today’s Boston Globe, reporting that the Massachusetts Turnpike Authority will face bone-crushing additional debt payments if the Legislature tries to repeal the absurd toll increases the authority’s board recently approved, has me wondering why we shouldn’t just let the Pike go into bankruptcy.
Regardless of why and how all this happened, the idea that the Legislature can’t replace something stupid (toll hikes) with something smart (a higher gas tax) because of deals that the Pike negotiated in the credit market smacks of extortion. I hope legislators will seriously consider doing what they think is right for the public, and let the Pike stew in its own mess.
Weirdly enough, some of this has to do with the bankrupt financial firm with which the Pike did much of its business, Lehman Brothers.
And by the way, I think my credentials as a good-government liberal are pretty much indisputable. If I’m taking a Howie Carr-like position on all this, then I think it’s likely these hacks have lost virtually all the support they ever had.
The Outraged Liberal has some additional thoughts.