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Saturday, July 07, 2012

Yes, Californians Have Lost Their Minds

No, they haven't a prayer of saving themselves from fiscal calamity.

Thank God for loans (in the form of general obligation bonds), is all I'm sayin'.  Because if the legislature there had to actually pay for its whimsy, it would be in big trouble.

Borrow today, sorrow tomorrow:
California OKs funding for high-speed rail line
By Judy Lin, Associated Press

Sacramento, Calif. (AP) — California lawmakers approved billions of dollars Friday in construction financing for the initial segment of the nation’s first dedicated high-speed rail line connecting Los Angeles and San Francisco.

The move marked a major political victory for Democratic Gov. Jerry Brown and the Obama administration. Both have promoted bullet trains as job generators and clean transportation alternatives.

The bill authorizes the state to begin selling $4.5 billion in voter-approved bonds that includes $2.6 billion to build an initial 130-mile stretch of the high-speed rail line in the Central Valley. That will allow the state to collect another $3.2 billion in federal funding that could have been rescinded if lawmakers failed to act Friday.

Brown pushed for the massive infrastructure project to accommodate expected growth in the nation’s most populous state, which now has 37 million people. He said the project is sorely needed to create jobs in a region with higher-than-average unemployment. [link]
I hope you picked up on the reason for the rail line to be built. Expected population growth. In a state that taxpayers are now fleeing in droves because the government there pulls stunts like this and expects them to pay for it. Population growth? Only in illegal Mexicans who won't be able to afford a ticket or have the inclination to ride this white elephant.

For the love of God.  What are they thinking?