
Study: If the California High-Speed Rail System Is Built, Taxpayers Will Get Stuck With $124-$373 Million In Losses — Every Year
As Gov. Jerry Brown seeks funding for California’s high-speed rail system in China, it is remarkable that the state’s train project is still alive.
California’s past legislatures have continued to fund the California High-Speed Rail Authority in a business-as-usual manner despite the plethora of findings demonstrating the quality of CHSRA’s work is below par, that the high-speed train’s project risks have been under-estimated, and that the statutory requirements of AB3034 and Proposition 1A are being violated.
The CHSRA’s excuses about program flaws are similar to rationalizations used on other similar boondoggles in which costs had been unrealistically minimized and benefits exaggerated, inducing public officials and the electorate to proceed, usually after cancellation is no longer feasible. If realistic, genuine projections had been made from the start, the California train project would likely have been cancelled long ago.
Our new Reason Foundation study concludes that the California High-Speed Rail Authority’s 2012 Business Plan has no more credibility than did… Read More