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The Fed just wasted $2.5 billion to help create a $200 billion boondoggle called the High Speed Rail (HSR). The total cost to build will be north of $200 billion, with not a dime set aside to run this union monopoly choo-choo train.
This is a measure to give big donors contracts and union workers jobs--this is not about transportation, it is about paying off special interests.
My new friend Richard Rider has written and excellent piece on this subject. I strongly urge you to pass this to your friend sand associates--especially to elected officials--they need to act now to cut our losses.
"Richard Rider on the High Speed Rail boondoggle:
1. The projection of HSR rail usage is doubtless inflated by a huge amount -- even after the recent downward adjustments. EVERY passenger rail project has gone through in part by conjuring up such numbers.
2. HSR will not be high speed between San Jose and SF. Just rail. VERY expensive rail, at that. It's just 41 miles, so the train will only briefly exceed 100 MPH on the run. And that's assuming zero stops in between.
3. On such more local runs, more of the traffic comes from buses than cars -- it is wrong to assume that all the bogus projected rider ship will come from single occupancy cars. But that is what the rail proponents are assuming.
In addition, the HSR inflated figure are TRIPS. Hence even if it reaches the projection of 18,000 a day (it won't), and all come from single occupancy cars (they don't), that's only 9,000 cars each way.
4. While construction will be local, it will be temporary. And the rolling rail stock will be built out of state, as it is now -- a loss of state funds (probably overseas!).
5. Much of the more permanent rail employment will be a TRANSFER of employment from airlines and airports -- not net new jobs. And that assumes people actually ride the train in any great numbers, which is highly unlikely.
6. Proponents tell us in San Diego that we'll get our HSR free, built from the PROFITS from the original lines. Right!
Gosh, I keep offering $10,000 and up wagers to the proponents on this absurdity (and other projections such as ridership), but no one feels strongly enough about their assertions to actually put up money in an escrowed wager (I am serious about this).
7. I've always suggested a better stimulus project would be simply to dig big holes in the ground, and then fill them back up. At least no cost overruns, traffic disruption, etc. And no operating deficits once completed! Here's my full column on this brilliant idea."
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This is a measure to give big donors contracts and union workers jobs--this is not about transportation, it is about paying off special interests.
My new friend Richard Rider has written and excellent piece on this subject. I strongly urge you to pass this to your friend sand associates--especially to elected officials--they need to act now to cut our losses.
"Richard Rider on the High Speed Rail boondoggle:
1. The projection of HSR rail usage is doubtless inflated by a huge amount -- even after the recent downward adjustments. EVERY passenger rail project has gone through in part by conjuring up such numbers.
2. HSR will not be high speed between San Jose and SF. Just rail. VERY expensive rail, at that. It's just 41 miles, so the train will only briefly exceed 100 MPH on the run. And that's assuming zero stops in between.
3. On such more local runs, more of the traffic comes from buses than cars -- it is wrong to assume that all the bogus projected rider ship will come from single occupancy cars. But that is what the rail proponents are assuming.
In addition, the HSR inflated figure are TRIPS. Hence even if it reaches the projection of 18,000 a day (it won't), and all come from single occupancy cars (they don't), that's only 9,000 cars each way.
4. While construction will be local, it will be temporary. And the rolling rail stock will be built out of state, as it is now -- a loss of state funds (probably overseas!).
5. Much of the more permanent rail employment will be a TRANSFER of employment from airlines and airports -- not net new jobs. And that assumes people actually ride the train in any great numbers, which is highly unlikely.
6. Proponents tell us in San Diego that we'll get our HSR free, built from the PROFITS from the original lines. Right!
Gosh, I keep offering $10,000 and up wagers to the proponents on this absurdity (and other projections such as ridership), but no one feels strongly enough about their assertions to actually put up money in an escrowed wager (I am serious about this).
7. I've always suggested a better stimulus project would be simply to dig big holes in the ground, and then fill them back up. At least no cost overruns, traffic disruption, etc. And no operating deficits once completed! Here's my full column on this brilliant idea."
More...