Not Len Brown this time, but Jerry Brown, the Governor of California and his ill-fated rail project.
The similarities are astonishing though.
As California breaks ground this week on its new high-speed rail line, it is clear what the $68 billion dollar project amounted to: though the project will surely make unions, construction workers, and bond salesmen happy, it is little more than money the state doesnâ€™t have for a train that its residents donâ€™t need and probably wonâ€™t use.Â TheWashington PostÂ reports on the projectâ€™s continued financial troubles, and itâ€™s not pretty:
Voters approved a $9.95 billion bond aimed at funding the initial construction of the rail project in 2008, by a slim five-point margin. The Obama administration added another $3.2 billion in federal grants, and the legislature agreed in 2014 to provide funding through cap-and-trade taxes on greenhouse gases, which will add another $250 million to $1 billion per year.
That means the rail authority will have about $26 billion at best, less than half the estimated total costs. California High-Speed Rail Authority officials have said they expect advertising, real estate developments and private investors to fund up to a third of the total costs. Â Read more »