California high-speed rail: The next stop is bankruptcy
Like most large public infrastructure projects, the California high-speed rail project was sold to the public based on false promises, exaggerated benefits and lowball cost estimates. Before the election, the cost of the project was estimated at $33 billion for the Los Angeles/Anaheim to San Francisco portion, and an additional $7 billion for the spurs to San Diego and Sacramento. Voters narrowly passed a $9.95 billion bond in 2008, and the federal government and private investors were supposed to cover the remaining $30 billion. We were promised that a one-way fare between Los Angeles and San Francisco would cost about $55, making it cheaper than flying. After the election, costs rose to $43 billion for just the Los Angeles-San Francisco phase (chances are the San Diego and Sacramento lines will never be built) and ticket price estimates nearly doubled to $105. Yet none of this seems to bother the California High-Speed Rail Authority or cause it to re-evaluate the feasibility of the project. Read more from source
Like most large public infrastructure projects, the California high-speed rail project was sold to the public based on false promises, exaggerated benefits and lowball cost estimates. Before the election, the cost of the project was estimated at $33 billion for the Los Angeles/Anaheim to San Francisco portion, and an additional $7 billion for the spurs to San Diego and Sacramento. Voters narrowly passed a $9.95 billion bond in 2008, and the federal government and private investors were supposed to cover the remaining $30 billion. We were promised that a one-way fare between Los Angeles and San Francisco would cost about $55, making it cheaper than flying. After the election, costs rose to $43 billion for just the Los Angeles-San Francisco phase (chances are the San Diego and Sacramento lines will never be built) and ticket price estimates nearly doubled to $105. Yet none of this seems to bother the California High-Speed Rail Authority or cause it to re-evaluate the feasibility of the project. Read more from source