Quote:
Originally Posted by jmecklenborg
Prop 1a in 2008 authorized the state to sell bonds in a fixed dollar amount - about one-third of what was estimated to be needed at the time to build Phase 1. Post-2008 inflation has more than doubled the cost of finishing Phase 1.
Federal dollars were always going to be needed to achieve an IOS, let alone complete Phase 1, even before the inflation. Some federal money came to the authority thanks to the Obama-era stimulus (plus stimulus sent to Ohio and Wisconsin that was rejected by Tea Party governors and redirected to California) and state cap & trade.
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Let's do the math of your reply, so everyone can see what happens when a project is underfunded.
Prop 1a in 2008 at that time pays 33% of Phase 1
Inflation since then has more than doubled the cost of Phase 1
Therefore Prop 1a actually only pays 16% of Phase 1.
Where did CHSR think the other 67%, now 84%, was going to come from?
How many transit projects in the last 50 years, in both Democrat and Republican Administrations and Congress, has Uncle Sam paid 70%, 80%, 90%, or 100% of a transit project? ZERO!
CHSR has been so underfunded by the State of California they are hard presses to fund just the IOS, about half the route of Phase 1.
Even NY and NJ will have to fund 50% of the new Gateway tunnels under the Hudson River. Why did CHSR think they could get away with less?
The Honolulu Rail project is now estimated to cost far more than $10 Billion, yet Uncle Sam is only contributing less than $2 Billion, less than 20%. Most transit agencies expect to receive 50% at most from Uncle Sam, but not CHSR.
Stop kidding yourself, Republicans at the Federal level have not underfunded CHSR, Democrat Administrations and Congress have, in addition to the Democrat Administrations and Legislatures in California.
Note, I am not suggesting many Republicans have ever supported the CHSR politically or financially, I am suggesting that Democrats have supported CHSR politically, although always in an underfunded state - i.e. not fully financed.
Which is worse, not promising a pie in the sky project or promising an unfinished and unusable pie in the sky project?