CA Approves $8.6B More Debt for High-Speed Rail
While California suffers through a nation-high 9.8 percent unemployment rate, a state budget debt of $34 billion, and $766 billion in unfunded liabilities, Democrat-appointed officials have okayed borrowing another $8.6 billion to begin work on the state’s vaunted high-speed rail. The rail will supposedly cost $68 billion, but some estimates have placed the cost at above $100 billion. The state has not yet bought the land on which the rail is supposed to lie.
It truly boggles the mind. It must be the moral hazard created by the Fed’s continually bailing out companies (and soon to be States). California obviously has a “too big to fail” mentality. Very very dangerous.
