Today every Bay Area paper led with Gov. Brown's signing of not one, not seven, but 15 so-called "affordable housing" bills yesterday. Let's face it. We are governed by idiots. The state is broke. Anyone who can actually read a balance sheet and understands the basics of pension funding knows this. Any money for "affordable housing" comes from somewhere else in the budget. The "somewhere else in the budget" might easily be school funding--let's add huge numbers of new kids and not fully fund the schools. Couple that with the fact that housing 10's or 100's of thousands of new Californians without one iota of new water storage capacity is downright criminal. Like I said, "idiots".
We were also treated to the news that
The first stage of California’s costly high-speed rail project may be even more expensive — $3.6 billion more — than previously thought, according to a report prepared by the Federal Railroad Administration and reported by the Los Angeles Times. The analysis warned that the Central Valley track, 119 miles from Merced to Shafter, could be 50 percent over budget — and seven years behind schedule, according to the Times. The original budget was $6.4 billion, but costs could reach $10 billion, the Times reported.
You have to laugh at the verb: "maybe be more expensive". Dude, it will be more expensive--a lot more expensive. Remember, they are building in the Central Valley now. Forget Merced, wait til they get to an urban area.
Addition: My new favorite term: "functional insolvency". See the comments.
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