New Jersey public just as much opposed to monetization of Turnpike as to privatization

An opinion poll released today shows Governor Jon Corzine faces almost as much public skepticism about "monetization" of the New Jersey Turnpike as about privatization in the form of a longterm lease/concession. Monetization has not yet been spelled out beyond the general proposition that inflation proofed toll rates will enable the state to borrow aggressively - $30b has been mentioned - against future Turnpike revenues.

Under monetization the state would retain the toll business, while under a concession the private sector would get the business side of the Turnpike for 75 or 99 years. In both cases the state would retain ownership of the assets and control of the business rules as laid down in the concession or in the bond indenture commitments.

The survey of 1,230 New Jersey voters conducted Sept 18 thru 23 by the Quinnipiac University Polling Institute has a statistical margin of error of +/- 2.8pp. It shows 57% opposition to monetization compared to 58% opposition to sale or longterm lease of the Turnpike. Support is 29% and don't knows 13% for privatization and 32% and 11% for monetization.

In both cases opposition is notably stronger among Republican voters than among Democrats - perhaps due in part at least to the fact Gov Corzine is a Democrat. Monetization is opposed by Democrats but only by a small margin (44/41) whereas it is opposed 73/21 among Republicans.

Privatization is opposed 49/35 among Democrats and 63/27 among Republicans. Opposition to both is strongest in ex-urban (rural?) areas, but it is clear in urban and suburban areas too.

Corzine has handled these issues with exquisite ineptitude, putting out vague notions of what he might do, expressing annoyance at speculation, listing what he won't do, while dithering around for nearly a year now without any real program. His failure to produce a plan for the Turnpike has allowed his opponents to have the public podium almost to themselves.

Opportunists to the core, the state's Republicans are building their election campaign this year around defense of the statist status quo at the Turnpike.

TOLLROADSnews 2007-09-25