Bond holders gave California authority and initial funding for a high speed railway in 2008. Since then, staying true to California nature, they’ve been lounging around doing drugs, growing marijuana plants. They will unveil 119 miles of track in 2022 — only 14 years after they were granted authority.
However, the distance between Los Angeles and San Franscicko is a lot more than a measly 119 miles. It’s approximately 381 miles. News hit the wires yesterday: it will take a lot longer to build and plenty of more fiat. Current guesstimates peg the high speed rail job at an astounding $77 billion, up 20%, and the date of completion is 2033 — 4 years longer than previous carefree guesses.
To make matters worse, they don’t have the slightest idea how they’re going to pay for the damned thing. The state received $2.5b in federal stimulus money, plus another $930m in fed handouts, and they raised $10b in a bond issuance from voters, leaving a gaping shortfall of roughly ~$65 BILLION.
California intends to raise more money through cap and trade schemes, which is criminal activity that fines companies for using carbon, an elaborate ruse that involves extorting money from them via the sale of carbon credits. The only issue with that source of revenue is the fact that lawmakers are able to divert them at will, mostly aptly used to succor the favor of voters in order to get reelected. In other words, totally unreliable.
So the bottom line analysis is one of supreme retardation. California will spend an infinite amount of money to build a small amount of high speed rail that is going to cost a King’s Ransom, a fortune that is totally unfunded and run by lunatics who still do not know how they’re going to get it done.
Best case scenario, it will take 25 years to complete.
How does this compare to China? It doesn’t.
In 2008, when California got approval for the project, China completed 75 miles of high speed rail and it took them only 1 year to finish. Furthermore, they now have 13,670 miles of state of the art rail, more than all countries in the world combined. The cost for 13,670 miles of track was $360 billion. Juxtapose that against our $77 billion boondoggle for a pitiful 381 miles and one gets the almonds going good and one starts to think that perhaps American exceptionalism is actually a disability and not something to be displayed on a bumper sticker. Moreover, China is currently laying down track like, err, Chinamen in the US circa 19th century, with plans to add another 9,321 miles — connecting all major cities in China by 2025.
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