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California high-speed rail fiasco has funding problems

SAN FRANCISCO (Reuters) - California's effort to build a massive high-speed rail network suffered another setback on Tuesday when a peer review group charged with evaluating the project recommended lawmakers put it on hold. Specifically, the group said the state should not move ahead with the sale of the nearly $3 billion in bonds to finance initial construction with the first tranche of $10 billion in state-backed high-speed rail bonds authorized by voters in 2008. ...  Read Full Article
" Friends and neighbors complain that taxes are indeed very heavy, and if those laid on by the government were the only ones we had to pay, we might the more easily discharge them; but we have many others, and much more grievous to some of us. We are taxed twice as much by our idleness, three times as much by our pride, and four times as much by our folly. "

-- Benjamin Franklin

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