“The Escape Artists,” the new book about the Obama administration’s economic policy-making, has an amazing story about who’s responsible for the decision to dump tens of billions of dollars in federal stimulus money into bullet-train debacles. One Chris Reed, writing at Cal Watchdog, has all the details.
After Assemblyman Nathan Fletcher got national attention for self-righteously quitting the GOP to pursue the San Diego mayor’s seat as an independent, it was inevitable that Arnold Schwarzenegger would write an L.A. Times op-ed patting himself on the back for being a constructive non-Neanderthal maverick Republican. Years before he was fine-tuning the constructive maverick narrative for Fletcher, political guru Matt David was doing it for John McCain, Arnold and Jon Huntsman. But the problem for Schwarzenegger is what he leaves out of his op-ed — his assault on the Sacramento establishment from 2003-2005 — and what he leaves in — implied championing of three of the left’s biggest boondoggles: Obamacare, green jobs and the bullet train. If I were Fletcher, I’m not sure I’d want to be linked to Arnold.
The national media have devoted plenty of skeptical attention to California’s bullet-train boondoggle—from the ballooning cost of the California High-Speed Rail Authority project to its shoddy management to the baffling decision to build the first segment in the lightly populated Central Valley. But the press has yet to focus on a crucial fact: the bullet train isn’t just some quirky Left Coast fiasco; it’s also a grotesque waste of federal money. The project serves as a powerful reminder of the Obama administration’s mishandling of the $787 billion stimulus that Congress passed in February 2009 with solemn assurances of prudence and accountability. The bullet-train project, in fact, can be thought of as “Solyndra times seven”—that’s how far its costs outstrip those of the much-touted Bay Area solar panel manufacturer that burned through $528 million in federal loans before declaring bankruptcy and folding last September.