This time about high speed rail.
The state legislature appointed an panel to look at the viability of issuing $2.7 billion in bonds, the proceeds of which would be used to fund the initial stage of a high speed rail from Los Angeles to San Francisco. This is the 65 mile stretch between the booming cities of Borden and Corcoran.
There is urgency here because, if work does not begin this fall, California runs the risk of losing $3.3 billion of federal money. However, the total cost of the project is currently estimated at close to $100 billion.
The California High-Speed Rail Peer Review Group—which the state legislature appointed to analyze funding for the rail system—questioned the California High-Speed Rail Authority’s plan to start construction without any assurance of future funding from the federal government, among other factors.
Moving ahead ‘represents an immense financial risk’ for California… [emphasis supplied].
Of course, “future funding from the federal government” means you the taxpayer as the federal government doesn’t earn any money on its own…it just takes your money.
Of interest, though, were the comments from the California High-Speed Rail Authority, the folks in charge of this boondoggle.
The [independent panel] failed to consider the risks of not proceeding with with the rail plan, such as ‘lost opportunities for funding’…
By that I assume they mean the loss of $3.3 billion in “federal” money. But. looking at this logically, that statement is nonsense. Apparently the rail authority would rather take $3.3 billion of your money, with no hope of ever coming up with the remaining $97 billion cost of the entire system so they can build a 65 mile segment from no where to no where.
That’s the heart of the problem in this country.
You take “free” money to build something you don’t need and can’t afford, just because the money is “free”. Future consequences be damned.