Airport privatization won’t lead to greater affordability |
Since he’s rarely stuck in traffic on Highway 401, it’s possible that Prime Minister Mark Carney doesn’t know much about GTA congestion, and about the foolish — and wildly costly — privatization of Highway 407.
So, here’s a quick recap: since its privatization in 1999, the 407 has cost drivers an estimated $25 billion in tolls. And we’re only getting started! The privatization deal lasts for 99 years, and by the end, Ontario drivers will have paid tolls likely amounting to a gut-wrenching $150 billion. The National Bank of Canada described the 407 as “a value-generating monster.”
So, it’s stunning that the Carney government is actively considering — indeed, currently holding talks about — the possible privatization of Canada’s major airports.
It’s even more stunning that the government is doing this, as Transport Minister Steven MacKinnon said last week, because its “ultimate goal” is “to keep air travel affordable for Canadians.”
Really? Should someone break it to them that privatization is not the path to affordability?
In addition to exceptionally high tolls, the 407 privatization has meant that drivers who aren’t able or willing to pay the tolls are........