Barack Obama
Economists, analysts and politicians have come out swinging against U.S. President Barack Obama's $53 billion dollar California bullet train. Not only is it very costly and constitutes unnecessary spending during a financial crisis, the proposed plans contain errors, fraud, exaggeration of profitability and charts the course of the train, through a rural area that will not recoup its costs.
In short, the train in its current proposed state is a waste of taxpayer money. Feasibility studies have been corrupted by those in favor of the bullet train, which means the taxpayers will take a beating when it is actually implemented and profits lag.
A bullet train in the tri-state area of New York, New Jersey and Connecticut, would be more profitable, than the proposed California corridor. However, such a project should not commence, until the ongoing financial crisis is resolved.
President Obama, attempting to seize upon another "Sputnik Moment," is wasting taxpayer money at the worst possible time with this project, in trying to keep up with China, Britain and France.
Had Washington cut the national budget from 2008 and not greenlit such exorbitant stimulus spending, where taxpayer funds were misappropriated and stolen, America would already be out of the financial crisis.
Instead, even more damage has been done to the economy, setting the nation even further away from financial recovery. Washington has not reined in spending, the deficit continues to jump and unemployment and foreclosures are still on the rise.
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Obama's off the rails proposal
