But borrowing money to improve this vital transportation artery is putting money to good use. It will be dividends for several generations!!
Can you explain exactly what dividends, and how much of them, you expect to receive as a result of spending, well, I don't know, maybe five billion dollars for rebuilding Penn Station.
You've sunk five billion into rebuilding Penn Station. How are you going to make it back, with dividends on top of it?
Someone can say: well, the increased economic activity, that comes as a result of increasing capacity into Penn, will result in more tax revenue flowing to the government, which will be used to repay the costs. That's a plausible theory, and you can say that, I suppose, but unless there's some serious financial analysis done here, that arrives at that conclusion, this is nothing but guesswork, and some wishful thinking. The document you've referenced does everything but talk about the costs of this massive project, and without any costs, any kind of dividend calculation is not possible.
Again, if we're living high on the hog, right now, and are flush with extra cash, why not blow five big ones, to build a Taj Mahal of a train station? Nothing wrong with that.
But we're not. We're broke. And five billion, on second thought, that's just for starters. That sounds about right for rebuilding Penn Station alone, But even if the new Penn Station is made out of gold, without additional tunnel capacity it will do absolutely zero good, in terms of additional economic development. By itself, it adds exactly zero additional capacity into New York. You have to also add the cost of a new tunnel. And we do have some pretty good idea how much /that/ is going to cost too. The cost projections for that, getting blown through the roof, is why Christie canceled the whole boondoggle, after all.
So, any intangible benefit from having a new Penn station, plus more tunnels, is going to be more than made up by all the money sucked out of everyone's wallet, to pay for it. A lot of good the new Penn Station will do you, if you can no longer afford to live or work in New York City.