New Jersey Might Sell Public Property

The Philadelphia Inquirer reports:

With New Jersey mired in debt and financial crises, a potential pot of gold has been tempting the state's leaders - the selling of public assets, particularly the highways.

In his State of the State address this month, Gov. Corzine described the idea as having "the greatest potential" to solve New Jersey's money problems.

But a poll quickly showed a majority of voters were opposed, and many lawmakers have fallen in line, treating the proposal with caution at best and derision at worst.

Selling state assets to companies is fraught with pitfalls, both politically and practically, experts said. But the good news for Corzine, they said, is that the deals, if done right, can work.

"It's not ideal," said John Donahue, a professor at Harvard University's Kennedy School of Government. "But if the other option is to let the school rot or whatever else you won't be able to pay for if you don't do it, then why not?"

The Swiss investment bank UBS, hired by the state to review New Jersey's assets, identified five with the most potential for a sale. Three were highways - the turnpike, the Garden State Parkway, and the Atlantic City Expressway.

We say,sell it all.Public property is a really bad idea.