High Speed Financial Train Wreck


From CalWatchdog:

The news that the California High-Speed Rail Authority finallyrevealed its long-awaited business plan only made the state’s residents more suspicious of the monster rail system. With a $99 billion price tag, a 300 percent cost increase since the 2008 voter-approved measure, and a claim of more than 1 million jobs created, High-Speed Rail appears to be taking over as the WPA project of California’s future.

But many say that $99 million is not the final figure. The the plan, originally billed as a $9.9 billion bond measure for a $40 billion train system, now has unlimited borrowing and spending, as well as a yearly $5.3 billion cost for upkeep.

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