Bullet Boondoggle

California's bullet train-which was highly touted by President Obama in the past-may be in serious trouble:

The financing plan for California’s nearly $100-billion bullet train project has become “increasingly risky,” the state auditor warned Tuesday.

In the latest in a series of cautionary reports by outside agencies and groups, the auditor's report finds that the California High-Speed Rail Authority has made some progress in addressing planning and fiscal concerns but still has important work to do to ensure that the project can be built as promised.

“The program’s overall financial situation has become increasingly risky, in part because the authority has not provided viable funding alternatives in the event its planned funding does not materialize,” the auditor's report says.
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Moreover, concerns have been raised about ridership projections that form the basis of the state financial plan for the system, including by a group of experts hand-picked by the head of the rail authority, the auditor’s report says.

The concerns expressed in the report generally echo or amplify on issues previously raised by the state auditor, the nonpartisan Legislative Analyst’s Office, an expert review panel created by state law and others.

California is still car country, it seems. And flying costs less. Darn that free market, again...