The latest example of how privatization schemes have failed the American people comes from Indiana. Specifically, the Indiana Toll Road, which was privatized by Republicans several years ago, has officially filed for bankruptcy:
The company that operates the Indiana Toll Road filed for bankruptcy on Sunday, though Indiana Gov. Mike Pence said in a statement Monday drivers of the route through northern Indiana can expect “business as usual.”
Debt-ridden ITR Commission Co., a spawn of the Spanish-Australian company Cintra-Macquarie, filed for chapter 11 bankruptcy in U.S. Bankruptcy Court in Chicago in a prepackaged plan to restructure its approximate $6 billion debt.
The company in 2006 paid $3.8 billion for a 75-year lease of the road that runs between the Illinois and Ohio state lines, but the toll revenue failed to meet company expectations.
This is the main reason why I’m opposed to toll roads, especially ones that are leased to a private entity by the state in which they’re located. If the toll road doesn’t get enough traffic, then the company that owns the lease can’t pay the bills, and motorists and taxpayers get the shaft. We need to rebuild our nation’s infrastructure, not let it go bankrupt.