Proposed and approved High Speed Rail
Another example of either the stupidity or total disregard of reality shown this week by the politicians in California and Washington. Despite being bankrupt, both California and Washington, the congress in Sacramento passed a bill approving the building of a high-speed rail system that begins and ends no where.
This bill authorizes the sale of $4.5 billion worth of bonds and $2.6 billion that is to be used to finance the 130 mile long connection between Bakersfield and Madera, neither of which need the system. I think if you compute the cost to the state, it comes out to $20,000,000 per mile. This doesn’t include whatever money the feds will chip in.
If the complete system is ever completed, it will run from LA to San Fran, with a total projected cost of $68 billion. That’s in today’s dollars
One of the first things that came to mind was, who in their right mind would buy a bond sold by California?