California High-Speed Rail Project Triples in Cost, Won’t Be Ready for 22 Years
Posted by FactReal on November 1, 2011
|ANOTHER OBAMA FAILURE|
|Via Doug Powers:|
|Faster than a speeding bullet train, the cost of the state’s massive high-speed rail project has zoomed to nearly $100 billion — triple the estimate given to voters and more than enough to run the entire state government for a year. What’s more, bullet trains won’t be up and running until at least 2033, much later than the original estimate of 2020, although that depends on the state finding the remaining 90 percent of the funds needed to complete the plan.
The new figures come from a final business plan to be unveiled by the California High-Speed Rail Authority on Tuesday…The new business plan pegs the price tag at $98.5 billion, accounting for inflation — more than double the estimate of $42.6 billion from two years ago, when it was already the priciest public works development in the nation. It’s a little less than triple the estimate of $33.6 billion voters were told when they approved the project in 2008.
|Florida’s Governor was right in rejecting the high-speed rail funds. He knew the project would become too costly for taxpayers.