Californians Could End Up Paying For The $100 Billion ObamaRail
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Living in California is like being on a passenger on the Titanic. Except in this case, we can see the iceberg coming in plenty of time to change course. Only thing is, the Democrats who run this state would rather ram the iceberg at full speed. One example of this is the strange thinking that building the ObamaRail will somehow be good for this state. This will be a funding nightmare that will soak us tax payers. From the Hanford Sentinel:
California’s $98.5 billion Bay Area-to-Los Angeles high-speed rail plan won’t pay for itself, instead requiring tens of billions of dollars in taxpayer subsidies, according to a report released Sunday by a group of Bay Area financial experts.
State taxpayers could ultimately be the ones paying for construction and operating costs, the report said.
“Californians need to choose between high-speed rail and, for example, repairing levees, improving roads and commuter rail, rebuilding bridges or the California university system, to name just a few other public priorities,” the report stated.
Dan Richard, board chairman of the California High-Speed Rail Authority, dismissed the report as misleading. Richard said the plan has always been to pay for the project with federal dollars, not state money.
“In this latest report, they just kind of throw numbers out there,” he said. “It’s all packaged very nicely, and it comes with pedigrees. Frankly, when you dig into it, there’s not much of an analytical basis there.”
The 71-page report, available on the website at www.cc-hsr.org, called the plan “ill-advised,” saying there is “substantial risk that costs will rise even higher, construction capital will not be present, and operating profits will not exist.” No additional federal money is available, the study noted.
Kings County lies directly in the path of two proposed alignments, either of which would disrupt the local economy, county officials say.
The study adds to mounting criticism of the high-speed rail scheme as the state struggles with budget shortfalls. Gov. Jerry Brown has defended the plan, promising to press forward despite tax-increase proposals to cut the deficit.
Local officials are slamming Brown’s decision to move ahead with construction in the Valley later this year…
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