Skip to comments.California: Hey, why arenít we using cap-and-trade taxes to finance this high-speed rail boondoggle?
Posted on 04/26/2014 5:05:53 PM PDT by SeekAndFind
Once upon a time, Gov. Jerry Brown’s administration was blithely professing confidence that they wouldn’t need to hit up taxpaying Californians to continue financing his pet high-speed rail project beyond the initial $10 billion in bonds he asked for (not to mention a casual few billion in stimulus funds from the Obama administration), because private investors would almost assuredly come a’clamoring to drop major dollars in what he felt — and apparently still feels — is an amazingly practical and affordable transit project.
How’s that working out? Via the WSJ:
As envisioned, California’s $68 billion bullet-train system, the nation’s first, would take passengers from Los Angeles to San Francisco at speeds of more than 200 miles an hour. The project, though, has been beset by planning delays, fluctuating cost estimates and court challenges that have threatened to kill or delay it indefinitely.
Gov. Jerry Brown has proposed using one-third of funds raised annually through cap-and-trade auctions to help pay for high-speed rail. State Senate President Pro Tem Darrell Steinberg has proposed using one-fifth of those funds. If some version of those proposals passes the Democrat-dominated legislature in coming months, the state says it will use the guaranteed funding to leverage various new sources of financing to quicken the pace of construction. …
The state’s cap-and-trade program, created in 2006, requires businesses that emit more than 25,000 metric tons of carbon dioxide to purchase credits for excess pollution. ..
Opponents of the project argue the cap-and-trade dollars wouldn’t provide anywhere near the amount of money the project will require. “It sounds nice, but this is their only alternative,” said Michael Brady, an attorney representing plaintiffs challenging the train in court. “They have been cut off by the federal government they have raised no money from private investors, and no local government has even put up a dime.”
The state legislative analyst’s office estimates that their cap-and-trade program could raise anywhere from $12 billion to $45 billion through 2020 (…which seems like kind of a suspiciously huge range for an 6-year period, no?), and they’d love to shave a little off to keep funding the deepening disaster that is destiny of this project — despite the multiple court battles in which it is currently tied up. Good idea, guys.
“Gov. Jerry Brown has proposed using one-third of funds raised annually through cap-and-trade auctions to help pay for high-speed rail.”
Why stop there. Why not 4/3 instead of 1/3. That should raise enough money.
Cap socialists. There is no limit to the amount of money they will confiscate/steal from you.
Socialism Is Legal Plunder - Bastiat
at speeds of more than 200 miles an hour
The closer they get to actually building something the slower it gets.
The proposed Twin Cities to Chicago “high speed rail” project promised an average speed of 70 mph. Which was high speed in 1890.
You’re exactly right. Jerry Brown could say “We’ll use 350% of the funds we collect from _______ and we’ll have enough to pay for the union pension shortfalls *and* fund the high speed rail project we’ve been working on and STILL have enough to fund better schools and police forces throughout the state” and EVERY SINGLE liberal Democrat in this shambles of a state would cheer.
I just wonder how accurate those projections for revenues will be from “cap and trade” as the victim businesses move out of state.
This is a direct transfer of wealth from CA business to CA gov't. It assumes CA businesses have unlimited and very deep pockets.
Turds always stink.
(you can quote me on that)
they could by several jets just for this route and run it far better.
A farmer in California loses his farm because some environazi finds the endangered 3 striped field mouse.
How many “endangered” animals will the environazis find along the route? The money will be spent no doubt. But this train will never be completed.
Gov Brown has waived all state environmental requirements.
That's how big the Union stick is in CA.
Eliminate cap and trade and totally eliminate the railroad!!!
The courts keep defying the law as written. Since private funds could not be raised this thing should have been dead a year ago
Indeed. I did that math some time ago with my nephews, who now know that a Southwest flight and a taxi at each end would be cheaper than the proposed infrastructure cost alone, never mind operating expenses. For the next thirty years.
and you know a plane is a tad more flexible travel option than a fixed rail system. less prone to earthquakes and derailments.
From an Indian (who wasn’t really an Indian) crying over the litter and trash in the “happy hunting grounds”, to “green energy” becoming big-really big-business. Makes me wonder if it was all planned from the start, or if the opportunists just saw a good business deal and ran with it.
Everything the hippies saw as a utopian society, is turning into a dystopian society, especially the erosion of freedom and the mainstreaming of perversion. I’m sure that the majority of them were that naive, but there were always those who took advantage of the stupid flpwer “children”.
It makes me think of Brian Epstein, who died from being a true believer, as opposed to the Rolling Stones’ or Led Zeppelin’s managers, who didn’t buy into the “peace love and flowers” and were there to make sure they and their clients got the best deal, even if they needed go harsh on you.
Or like that money-grubbing con artist Colonel Parker, who ruined what could have been a great movie career for Elvis, who was a fine actor and getting better until the lousy plots got him just phoning it in.
It’s said that Parker wouldn’t agree to Elvis touring overseas because of irregularities in his own visa, he was afraid he’d be refused re-entrance.
Well I sure got off-topic but the seeds of the “don’t litter” movement, tearful Indian and all, has turned, as does everything the government sinks its hooks into, big business. I know they’d love to take over the churches, and one day the global government will, under the guise of the “one-world religion” just before they destroy it and force all man to worship the antichrist and take the mark or try to live outside the global system, and eventually be executed.
Gee, that's only a short 187 mile, 2 hr. 45 min. cab ride from downtown SF to Fresno on one end, and a short 111 mile, 1 hr. 40 min. cab ride from Bakersfield to LA at the other!
You'd think “progressives” could design a faster, more efficient people mover than a 19th century choo-choo train and taxi cabs!
Cap and trade is used for de education silly! High speed rail is a money laundering fasade
not to worry...... the new tax on the earnings of over paid executives will take up the slack.
Southwest Airlines does it at 400 mph. Every hour. And it doesn't take billions to build.