Tuesday, April 24, 2018

The California Bullet Train Future May hang in the Balance This Election Cycle

Democratic California Governor Candidates approve of the train while the two leading GOP candidates oppose it. California voters approved Proposition 1A approving nearly $10 billion in bond money for the construction of the high-speed rail system yet since the 2008 vote the costs and overruns are taxing the State population. New polls who voters want their money to go elsewhere. There planned 119 Central Valley run has less obstacles, but future planned tunnels may cause environmental conscience voters to irk. The line from San Francisco to Bakersfield may not be operational until 2029. Costs continue to go up and Ion particular, there's cost and various other challenges posed by the tunneling through the Pacheco Pass, which the business plan termed "the critical link between the Silicon Valley and the Central Valley. Each time Sacramento gets new reports they all involve more money and more time. Democratic candidates want the spending to continue as well as labor unions. Public opinion has an opposing view. June 5, 2018 primary will decide which two gubernatorial candidates, regardless of party, advance to the general election Nov. 6. Front-runner Lt. Gov. Gavin Newsom has expressed concerns on the proposed rail plan. However, Antonio Villaraigosa, a Democrat and former Los Angeles mayor said in a statement he supports the rail project and claims "unlike others, his position has been consistent." California secured about $3.3 billion in federal stimulus funds in 2009 but has burned through about $2.5 billion of that money. Some say no sane investor would ever put money into this thing and the federal government cut off the spigot a long time ago. Some economist think tech worker may live in Bakersfield and commute by high speed to work if the train actually gets completed, but that is at least a decade away and billions of dollars in State debt. Can this train ever make money as a return on the investment? Private money managers say no. It is now up to the next governor to kill it, or keep running up the bills. Seems to be the only two avenues remaining.

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