That was VP Biden's remarks back in April to launch the administration's vision for high speed rail.
So, four months later, what do we think?
First, here is Sam Staley at Reason:
Staley's bottom line is that the high speed rail plan fails as a stimulus program and does not create jobs.For transportation investments to have a meaningful economic impact, they will need to cost-effectively improve America's ability to move goods, services, and people from one place to another. High-speed rail doesn't do that. It is an extremely costly way to achieve limited portions of these goals, and it inevitably fails as a broad-based solution to the country's transportation challenges.
In the end, high-speed rail's contribution to the economic recovery and the nation's economic productivity is being oversold. Elected officials, from Rep. Cantor to President Obama, would do a far greater service to the public's understanding of the economy if they would focus on economic fundamentals, not glitzy boutique policy programs that will inevitably fail to meet grandiose expectations they have created for them.
Ed Glaeser looks at whether the proposed high speed rail would help America's other great problems--sprawl.
For illustrative purposes, Glaeser considers the Dallas-Houston corridor, which, as he points out, is not in the Obama plan. Glaeser notes that:
Despite the lack of any positive evidence linking centralization to high-speed rail, I certainly accept that there is a great deal of uncertainty. To give rail the benefit of the doubt, I’ll assume that high-speed rail will cause 100,000 households to switch from suburb to city in both Dallas and Houston. This change would create extra, annual environmental benefits of $29.7 million. These benefits would be real, but they would still do little to offset the $524 million or $401 million net annual loss discussed above.What do I think? High speed rail is so 19th century a solution for a 21st century Great Recession!
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