WyBlog: Steve Sweeney’s sneaky plan for hijacking the gas tax into bailing out NJ’s public pensions
Last month when you voted to dedicate the newly raised gas tax to the Transportation Trust Fund I’ll bet you thought that meant the gas tax revenue would be going into the Transportation Trust Fund.
State Senate President Steve Sweeney wants to divert it to, drum roll please, bailing out the public employee pension fund!
How? Easy! Just have the pension fund buy the TTF bonds. As in, New Jersey will borrow money from itself and then pay itself all the interest.