Et tu, WaPo? Even the Washington Post recognizes that high speed rail is a loser. The paper recounts the Chinese problems I wrote about Saturday, and then shovels more dirt on the coffin:
Of course, if the Chinese do finish their system, it is likely to require operating subsidies for many years – possibly forever. A recent World Bank report on high-speed rail systems around the world noted that ridership forecasts rarely materialize and warned that “governments contemplating the benefits of a new high-speed railway, whether procured by public or private or combined public-private project structures, should also contemplate the near-certainty of copious and continuing budget support for the debt.”
That’s certainly what happened in Japan, where only a single bullet-train line, between Japan and Osaka, breaks even; it’s what happened in France, where only the Paris-Lyon line is in the black. Taiwan tried a privately financed system, but it ended up losing so much money that the government had to bail it out in 2009.
When it comes to high-speed rail, Europe, Japan and Taiwan have two natural advantages over every region of the United States, with the possible exception of the Northeast Corridor – high gas taxes and high population density. If high-speed rail turned into a money pit under relatively favorable circumstances, imagine the subsidies it would require here. Every dollar spent to subsidize high-speed rail is a dollar that cannot be spent modernizing highways, expanding the freight rail system or creating private-sector jobs. The Obama administration insists we dare not lag the rest of the world in high-speed rail. Actually, this is a race everyone loses.
Despite the near universal recognition that high speed rail is a colossal waste, Obama seems intent on pretending to be Casey Jones, throwing on the coal and hanging on the steam whistle. We know how swell that worked out.