The State of Pennsylvania with very little fanfare or publicity has decided to “give” the State’s bridges to a private for-profit company for the next 40 years. So whenever one passes over a bridge in the Quaker State one will have to pay a private company for the privilege. Besides racking in the dough on tolls, the company will have what is called an “adverse action” provision in the contract so that if the State ever does anything which would reduce the company’s anticipated profits, the State will have to make up the difference thus guaranteeing the profit return.
A similar provision in the contract between Chicago and the company that took over the public parking meters is costing that city boatloads of cash. The parking meter company actually gets paid if a street is shutdown for repair resulting in empty meters. This little gem of a giveaway was engineered by the Bankster “Rammed” Emmanuel who prior to becoming the Windy City’s Mayor was the man who operated the strings allowing Obama to dance on cue.
One can imagine conditions where due to a new road or such, a bridge would be used less and result in lower revenues. The Company will still have to be paid regardless. Sweet deal, if you’re a bridge owner.
This far-seeing action was delivered courtesy of Republicans and Obamacrats who sought to get Government off our backs while putting the State on its back so as to facilitate profitable ravishing.
SOURCE: Ellen Dannin, “The Stealth Privatization of Pennsylvania”, TruthOut.com (January 29, 2014)