BIKE: More evidence that TxDOT is in trouble

[rcbaker]

Most of TxDOT's five billion or so a year comes from gasoline taxes and 
most of it goes to their privatized contractors. So what happens when 
fuel prices go up? The twenty cents or so of both state and federal 
taxes stay the same, but people drive less and TxDOT's revenues go 
down. Here is what is happeniing now:

http://www.miami.com/mld/miamiherald/business/national/8130059.htm

TxDOT pays little attention to fuel costs and the stability of future 
supply in spite of its economic importance to TxDOT's future; TxDOT 
sticks to building the roads as usual,  while the federal government 
makes deals with the Arabs or steals the oil from Iraq, etc.

Texas voters may not know how risky TxDOT's road planning and 
deficit funding is, but the bond investors are becoming aware, which is 
why the SH 130 bonds only ranked slightly above junk bonds at BBB+. 
In fact Rick Perry's $180 billion dollar Trans-Texas Corridor Plan sent 
some top officals likely on the most expensive trip ever taken by state 
officials to try to find investors and contractors for its road bonds. 
Here's the details. 

http://www.mysanantonio.com/news/metro/stories/1120514.html

More on the plan at: 

http://www.CorridorWatch.org 

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