Before the election, the cost of the project was estimated at $33 billion for the Los Angeles/Anaheim to San Francisco portion, and an additional $7 billion for the spurs to San Diego and Sacramento. Voters narrowly passed a $9.95 billion bond in 2008, and the federal government and private investors were supposed to cover the remaining $30 billion. We were promised that a one-way fare between Los Angeles and San Francisco would cost about $55, making it cheaper than flying.
After the election, costs rose to $43 billion for just the Los Angeles-San Francisco phase (chances are the San Diego and Sacramento lines will never be built) and ticket price estimates nearly doubled to $105. Yet none of this seems to bother the California High-Speed Rail Authority or cause it to re-evaluate the feasibility of the project.
Ridership estimates are projected as high as 117 million passengers a year. To put this in perspective, consider that Amtrak’s Acela Express service, which serves the larger, denser Washington, D.C.-New York-Boston corridor at speeds up to 150 mph, counts just 3 million passengers per year. In fact, the entire Amtrak system, which includes more than 500 destinations and 21,000 miles of track in 46 states, serves only 27 million passengers a year...
California continues to run deficits of $20 billion to $25 billion each year and must address hundreds of billions of dollars in unfunded pension liabilities in years to come. The state is facing severe service cuts and significant tax increases (again), yet it persists in pouring in billions upon billions of dollars to subsidize the train travel of a tiny percentage of the population.
I'm on the hook for this lemon. Those are my tax dollars that are going to be poured into this bottomless money pit.