In November 2008, California voters narrowly approved Proposition 1A, which provided $9.95 billion in government money for a statewide bullet-train network. The initiative passed, even though the California High-Speed Rail Authority had been legally required to release a detailed, updated business plan by October 1 of that year, so that voters would have time to learn exactly how the state planned to finance what was then billed as a $43 billion project—and no updated plan was in view. Rail officials failed even to release a preliminary report before the election, claiming that state legislators’ long delay in passing the fiscal...