California needs public infrastructure, but not a bullet train

The Sacramento Bee published commentary by Dana Goldman and Richard Green of the USC Price School on California’s need for public infrastructure in lieu of a high-speed rail. Current financing comes from $9 billion in state bonds and $3.5 billion in federal grants. But under Brown’s leadership, California has failed to address its other unfunded infrastructure needs, they wrote.

Economics teaches us that we should invest whenever the rate of return justifies the costs, which isn’t always easy to measure for public infrastructure. While being whisked from L.A. to San Francisco in less than three hours sounds pretty good, is high-speed rail the best investment for California?

 

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