PHILADELPHIA DAILY NEWS EDITORIAL: …The point is that if it came to pass it would be an asset sale. As much revenue as it may raise, an asset sale is a one and done. You can’t sell the asset twice.
Even if it did raise $1 billion – and that figure is in dispute – and the “profit” could be used to help ease the state’s large deficit, that $1 billion would be gone in a year. And we would be left with a $1 billion hole in the next budget.
This is the kind of gimmickry that gives bond-rating agencies heartburn because it does nothing to address Pennsylv
ania government’s fundamental problem: Its expenses exceed its tax revenue… (more)
EDITOR: It’s worse than that. Once sold, the State would no longer earn an annual profit, making the deficit even larger.
