“+” because this is going to crash and burn for years.
Let me summarize this LA Times article discussing the looming …singularity… of fiscal destruction.
- California wants a high-speed rail system which will apparently solve all of their problems (“Then why don’t they have one, already?” “Because shut up, that’s why”).
- This is scheduled to cost 68 Billion dollars. $68,000,000,000.
- It will cost more.
- Meanwhile, the state is deep in debt – and it’s an open question whether Jerry Brown and his Merry Band of Democrats have actually managed to stabilize revenues.
- For example, I am waiting (with more than a little morbid curiosity) to see what California’s actual 1Q 2012 tax revenues are like. I suspect that they’re going to be… memorable.
- But let’s get back to the high-speed rail. It’s not built yet.
- That’s fine; construction isn’t supposed to start for another six months…
- Oh, wait, not all of the land for the railway has been purchased, yet.
- Oh, wait, none of the land for the railway has been purchased, yet.
- Which is why the start of construction has already been delayed.