Dear Readers,
Nearly two decades ago, a futuristic 800-mile connection from Los Angeles to San Francisco was sold to California voters. It was supposed to cost $33 billion. The project has since become the apotheosis of the government’s inability to execute projects effectively. The price tag has soared over $100 billion, while only 119 miles of track have been completed.
Recently, the Federal Railroad Administration (FRA) chastised the efforts of the California High-Speed Rail Authority in a 315-page audit, indicating that the FRA will likely no longer grant funds. Though the FRA report details a bleak picture, all indications suggest that state officials remain committed to pushing this forward.
The Independent Institute warned of this outcome nearly a decade ago. In 2016, we awarded the first-ever California Golden Fleece® Award to the California High-Speed Rail Authority for its lack of transparency and continued deviation from what voters approved in 2008. That warning was unheeded. Now, the FRA questions whether there is any feasible plan, and California is out billions of dollars.
This week’s articles examine persistently bad public policy, from overregulated agriculture and real estate licensing schemes to debates over government spending and inflation. Craig Eyermann leads off with commentary on the bullet train. We also revisit the old canard that “the free market ignores the poor,” and Scott A. Burns and Caleb S. Fuller continue their series on trade, among other topics.
Jonathan Hofer
Managing Editor
