Hi-speed train to financial ruin in California

Federal spending for high-speed rail is coming under close Congressional scrutiny.  Both political parties have begun to recognize the enormous capital costs required for another Solyndra style payoff; in this case the billions of Federal dollars needed to fund a lucrative union-only jobs program. From SFGATE and AP we read: President Barack Obama would get just a small fraction of the money he wants to build high-speed rail lines, one of his leading economic priorities, under a bill approved Wednesday by a Democratic-led Senate committee. On a voice vote, the Senate Appropriations Committee included $100 million for the rail program in a massive measure financing 2012 federal transportation and housing programs. Obama wants to spend $8 billion next year for the rail systems, in which trains can travel between cities at up to 250 miles per hour. High-speed rail now faces a dismal future in Congress, at least in the short term. A subcommittee in the Republican-run House has...(Read Full Post)