-
What's A Mere $6 Billion? We'll Print More
-
Pay attention, because if you're an American, this is coming out of your pocket no matter where you live: California's bullet train boondoggle is getting even more boondoggly. In fact, for the initial "train to and from nowhere" (somewhere near Merced to somewhere near Bakersfield) run, we -- you, me, everyone -- will be spending $6 billion to race to finish it by September 2017. If it misses that target, which is, by the way, an unprecedented burn rate and an unprecedented construction pace, it'll lose federal funding, which means that the rest would be in jeopardy. Oh, did I mention that the people in charge have no experience with construction anything like this? Or that the slightest glitch -- a technical problem, a legal case, anything -- could end the entire project with all those billions flushed down the toilet? This is a financial catastrophe waiting to happen, most people can see this coming, yet Sacramento insists on plowing ahead, probably because unions, which control the state, want the money. Someone has to stop this. Lord knows the legislature and governor aren't. (Los Angeles Times)
Have an opinion? Add your comment below.