The Money Pit: California’s not-so-high-speed rail
Have you heard this story, a couple finds a million dollar distress sale mansion on the market for a mere $200,000? Some upgrades are needed, but overall it’s a bargain. What ensues is comedic brilliance as the owners find out the house is barely standing. They pour more and more money into the house in the classic Tom Hank’s comedy “The Money Pit.”
Just like this movie, the California High-Speed Rail has become our Money Pit, but unlike the movie, this is no laughing matter.
In 2008, California voters approved Proposition 1A, a $9.95 billion bond to partially fund an 800-mile high-speed electric train traveling up to 220 mph. The goal would be that the state would fund a third, one-third by the federal government, and the last third via private investment. Total cost was estimated at $35 billion.
What has transpired since 2008? No more federal funding and no private funding. From 800-miles we went to 520 miles, as a cost savings measure. From 220 mph we are at 110 mph in large sections of the rail, to save money of course, and a possible completion date of 2020, is now estimated to be completed by 2033.
With all these cost-saving measures you would assume the cost would come down. Unfortunately, for California taxpayers, this money pit keeps getting worse.
The price tag for all these cost-saving measures brought to you by the California High-Speed Rail Authority and the California Legislature is currently estimated at $77.3 billion. But wait you want more savings and fiscal responsibility, too bad, because this $77.3 billion estimate may ultimately cost California taxpayers $98.1 billion. My prediction is it will be even higher.
At this point, it might be cheaper and faster to build a Death Star instead. Not to mention more useful.
This is not what the voters were promised. We did not approve a not-so-high-speed train with a price tag most likely ten times the initial projected cost to California taxpayers.
This boondoggle of a money pit must be stopped. Those billions can be used to help repair our roads, highways, bridges, dams, water reservoirs, and critical infrastructure.
If elected to be California’s next State Controller and Chief Financial Officer, I will look at all legal means to cut funding to this project. In my opinion, if we bought one thing and are getting something else, then the authorization to fund this project has not been authorized by the people, and thus the Controller may have the legal authority to stop payment until the project complies with Proposition 1A.
I hope, I won’t have to do this, and the Legislature does its job and kills this project. This shouldn’t be a partisan issue. We made a promise to taxpayers to be good stewards of their trust and money. Let’s restore that trust and do the right thing, and let’s put an end to this money pit.
Alternative to the HSR
If we want an alternative to the HSR, I believe HyperLoop technology will be the future of transportation. Speeds-up to 700 mph, more affordable to build and operate, and could be used to transport cargo cutting down traffic congestion on the roads. I believe if we want to do something we should abandon the HSR and look to the HyperLoop.