Here is a profile in government waste. A high-speed rail line in California, part of President Barack Obama’s vision for the future of transportation, has just seen its costs and estimated completion rise dramatically:
Faster than a speeding bullet train, the cost of the state’s massive high-speed rail project has zoomed to nearly $100 billion — triple the estimate given to voters and more than enough to run the entire state government for a year.
What’s more, bullet trains won’t be up and running until at least 2033, much later than the original estimate of 2020, although that depends on the state finding the remaining 90 percent of the funds needed to complete the plan.
The new figures come from a final business plan to be unveiled by the California High-Speed Rail Authority on Tuesday, though some of the details were leaked to the media, including this newspaper, on Monday. Officials at the rail authority did not respond to repeated requests for comment Monday.
The new business plan pegs the price tag at $98.5 billion, accounting for inflation — more than double the estimate of $42.6 billion from two years ago, when it was already the priciest public works development in the nation. It’s a little less than triple the estimate of $33.6 billion voters were told when they approved the project in 2008. By comparison, the total state budget this year is $86 billion.
It’s hard to call that a “business plan.” When you say that you think of an idea eventually making money or at least paying for itself. This high-speed rail line is a boondoggle that will drain taxpayer dollars for as long as it exists.