Wednesday, January 7, 2015

California Bullet Train - Biggest Government Boondogle In American History

California Socialist Governor Jerry Moonbeam Brown has kicked off the building of a Bullet Train connecting Los Angeles/Southern California with San Francisco.  As of now, this project, which won't be completed until 2033, is supposed to cost $98 Billion.  The majority of voters in California voted to take on $10 Billion in debt to build this boondoggle.  Most of the rest of the money is coming from the Federal Government approved by Obama when the Socialists controlled Congress.  So all Americans are paying for Jerry Brown's Crazy Train.  It will be the most expensive public works project in American history.   And, of course it will cost more and take even longer to build than is currently anticipated.   Worst of all, when it is done, it will take a whopping four hours to complete the journey and still require annual subsidies projected to be over $300 million a year in today's dollars.

This is about the dumbest thing to come along since ObamaCare.   Most people in California live within 45 minutes or less of a major airport that would allow for flying anywhere in California in an hour or less at pretty cheap fares.  Why would anyone spend the same amount of money and four hours on a train to do the same trip.  Even more important, California's major cities suffer from traffic jams so bad that it can take an hour or more just to go 10 miles on congested freeways.  There is often complete grid lock.  Anyone with a brain, would prioritize California monies into building more rapid transit and perhaps even toll roads in major cities, rather than building a Bullet Train that will bankrupt the state.

But this is California we are talking about completely controlled by Socialists and the big public employee unions.  California bonds are rated as junk bonds because the state already has so much outstanding debt.  Money is borrowed every year to fund operating expenses; not just long term projects.  And, public employee pension liability tops more than $100 Billion.  No one can say where that money is going to come from to deal with this debt and pensions, since taxes in California are already among the highest in the nation. 

Many major companies have either completely moved out of California, or just maintain shell corporate headquarters in California to avoid California Corporate Income Taxes.  Raising taxes any higher will just cause more migration.  California will be left with Takers and very few Makers to pay all the bills.   As it is more than 20 million people in California out of 35 million get some kind of government check.  This out migration of business has been happening for years with each state tax increase.   What we are seeing is classic Socialism as Socialists bankrupt the state.  This latest boondoggle, a Bullet Train that is not needed, is just one more example of incredibly wasteful and even stupid spending. 

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