Bullet train misfires…
California has yet another useless, hideously expensive boondoggle, one more useless project which was based on lies. The 800-mile High Speed Train network was supposed to be funded with matching funds from various government and private entities, so that taxes would not have to be raised to pay for it.
It is at least 50% over budget, and the best California can do at this stage is kill the project, considering that the state’s May cap-and-trade carbon dioxide auction raised only $10 million of the expected $500 million. Since the scheme was counting on borrowing against future auction proceeds as an income stream, the economics are flat out busted, not that anyone with a decent brain ever thought they would actually work.
Now the question is whether voters will allow the state to use the $500 million reserve on a filed liberal project which would have served pitifully few people. This abject and utter failure should be Gov. Jerry brown’s lasting legacy.