07-12-2012, 11:12 AM
This short article sums up the causes of the CA cities' bankruptcy filings. Essentially, shortfalls in property taxes and sales taxes, some allegations of accounting mismanagement, and rising cost in city pension payouts. The cities, according to the article, could not pay their employees and vendors. The article doesn't address the impacts (if any) on the people living in these towns.
I do think it's interesting timing that the ballot approved by voters in 2008 for the rail system project was finally approved by state legislators shortly after Stockton's bankruptcy filing.
Both Brown and Obama support the project, which is estimated to cost $68.1 billion, with 60% coming from federal funding.
Those legislators that oppose the project worry that there is no guarantee of future funding beyond segment 1 of the project; a very legitimate concern, imo.
On a personal level, I love the idea of getting from SF to LA on high speed rail, big time. BUT, if this project gets off the ground and then goes back into dormancy for years and years, it will be a huge waste, imo.
Ref:
http://www.sfgate.com/news/article/Anoth...697890.php
I'll open a discussion thread on this if it generates a few more posts/interest, as it's going beyond trivial drivel (imo).
I do think it's interesting timing that the ballot approved by voters in 2008 for the rail system project was finally approved by state legislators shortly after Stockton's bankruptcy filing.
Both Brown and Obama support the project, which is estimated to cost $68.1 billion, with 60% coming from federal funding.Those legislators that oppose the project worry that there is no guarantee of future funding beyond segment 1 of the project; a very legitimate concern, imo.
On a personal level, I love the idea of getting from SF to LA on high speed rail, big time. BUT, if this project gets off the ground and then goes back into dormancy for years and years, it will be a huge waste, imo.
Ref:
http://www.sfgate.com/news/article/Anoth...697890.php
I'll open a discussion thread on this if it generates a few more posts/interest, as it's going beyond trivial drivel (imo).