Instead of responding substantively to my piece in the Sacramento Bee on Monday, September 29th, California High Speed Rail Authority (CHSRA) CEO Jeff Morales merely repeated his agency’s PR schtick. His article read like something written by CHSRA’s “Office of Communications” e.g., their PR flacks.
Reading between the lines, however, Mr. Morales’ article spoke volumes: by claiming “interest” in the HSR project by private companies and investors, he tacitly admitted that CHSRA actually has no commitments for private capital.
After some more verbal gesticulating including a specious claim that American Recovery & Reinvestment Act (ARRA) funds can’t be moved to upgrading existing lines (a political choice by the Obama Administation, not a legal one), Morales failed to explain where CHSRA will get the $26 billion of public funds his plan calls for. This means that private investment is an utter pipe dream.
In short, if the courts are kind to CHSRA, they may manage to blow through $6 billion improving railroad service through downtown Fresno. After that, though, the current manifestation of HSR in California is dead in the water. CHSRA simply doesn’t have the money to build much more of its insanely expensive infrastructure, and has no idea where they will get any more money, public or private.