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.
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.
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 waste.