The economics and governance of privatized roads are highly problematic. For existing roads, outsourcing borrowing against future toll revenue to a private entity is likely to generate less money than a public entity could produce with the same tolls. This is the case be-cause a private toll road operator will have higher borrowing costs and must divert some revenues to shareholder profits. In addition to these fiscal problems, long-term road contracts pose other serious threats to the public interest. These include fragmentation and loss of public control over transportation policy, and the inability to plan for future public needs in contracts that stretch over multiple decades.