Wednesday, December 12, 2007

What kind of idiots does the NSW government think we are?

Here's the promise, in today's Daily Telegraph:

"A train every five minutes, whisking millions of struggling commuters from the inner west into the Sydney CBD on an underground metro rail link.

It sounds like a fantasy. But this is Premier Morris Iemma and Treasurer Michael Costa's promise to the long-suffering people of western Sydney - if they secure the $15 billion sale of the NSW electricity industry."

Here's the reality, as explained by John Quiggin:

"There is no meaningful sense in which selling an income-generating asset allows you to pay for anything.

As a matter of public policy, either a metro rail line is a good investment or it isn’t.
Whether or not electricity assets are sold can make no difference to this."