By Steve Maggi
Nearly $100 billion. That’s what High Speed Rail is now going to cost California taxpayers – more than double the costs initially promised by the proponents of Prop 1A, which contained the initial taxpayer financing for the project.
2033. That’s when the HSR project is now expected to be completed – 13 years after it was initially supposed to be completed.
So, in the three short years since voters were sold this bill of goods, the costs have gone up $50+ billion and the time to complete the project has doubled. How could that be? Maybe the cost of labor has skyrocketed, despite unemployment being in double digits? Or maybe the cost of purchasing land for the tracks has dramatically increased, despite the real estate market being down? Or – just maybe – the special interests that pushed High Speed Rail didn’t give voters all the facts when they sold this program in 2008.
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Ballot Measure Boondoggle – High Speed Rail Costs Balloon to $100 Billion”