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January 9, 2012
Another Lesson On A Financial Disaster Known As 'High-Speed Rail'
Topics: Political News and commentariesAs Britain prepares to give the go-ahead to its highly controversial high-speed train project, its closest equivalent in Europe has had to be saved from bankruptcy with a £250 million government bailout. The new "Fyra" high-speed service in the Netherlands -- opened just two years ago -- is close to financial collapse, having cost taxpayers more than £7 billion to build and now losing £320,000 a day amid disastrous levels of patronage.
This, as California, likely the most debt ridden state in the U.S., has been intent on wasting buckets of money it can ill afford on a poorly conceived LA-to-San Francisco high-speed rail project ... but just got word from the California High-Speed Rail Peer Review Group that the project "is not financially feasible.".
Fortunately for Florida's citizens, back in February 2011 Governor Rick Scott rejected about $2.4 billion from DOT for a $2.6 billion high-speed train line from Tampa to Orlando, declaring in April that the money should go back to taxpayers or be used for deficit reduction.
With a bit of luck, foresight and financial common sense, Barack Obama's high-speed rail initiative will continue to be a 'train to nowhere' and U.S. taxpayers will be spared from yet another Obama financial disaster.
Posted by Hyscience at January 9, 2012 7:36 AM
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