The idea of a high speed train from San Diego to San Francisco has great appeal to a majority of Californians. We were so enthused with the idea that we voted in 2008 for bonds to pay $9 billion of the construction costs. The estimated cost was $43 billion. Unfortunately the latest cost estimate has more than doubled to $98.5 billion.
Jon Coupal, president of the Howard Jarvis Taxpayers Association (the group that created Proposition 13 tax relief). predicted that fares would have to be about “$300 a ticket and assume ridership levels that aren’t going to exist to assume a break-even level.” Coupal predicted the total cost would rise to $90 billion.
If they are predicting $98.5 billion now, what do you suppose the final bill will be?
What ever the final number is, the cost will be somewhere north of $100 billion. There are claims that the building program would generate about 1 million jobs.
The problem with all the claims about this project is that all the claims of costs and job creation are the product of a group of people who strongly support the idea of a fast train linking the cities of California. Our history in building anything of consequence in this state is that cost overruns of three to four times the original estimates are the rule.
The idea is good but the cost makes this a no-go!
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