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" ... The California legislature's analyst has released a report stating that the high speed rail system planned for the state isn't quite ready for prime time. There's an awful lot of wishes and hope in the current set of plans, perhaps a few holes that might need to be filled before continuing to spend up to $64 billion on the project. This prompted me to have a look at the most important part of the business case for the project, over and above the things that are being complained about here. And I'm here to tell you that the plan is a stinker, a complete and pongy mess. There's no way at all that it is going to perform according to predictions. This is not a comment about trains per se, nor about how California assigns infrastructure spending. It's a deeper point about the economics of how to do cost benefit analysis and the hugely important subject of opportunity costs, that point so beloved of economists. Sad to say the basic assumptions of this plan have these points just entirely and totally wrong. California's HSR is thus going to be no more than the most gargantuan waste of money. ... "