The U.S. spends far too much on defense, and far too little on certain forms of infrastructure, part MCMXXII. Emphasis in a quote from Ryan Avent is perhaps misplaced, as the question of 'where is the cost-benefit hand-wringing over defense spending' is central but almost unmentionable.
LA-SF turns out to be about the same distance as the Madrid-Barcelona AVE line; it stands to reason that if CA HSR is built, air travel volumes between the pair will plummet. Stephen Karlson also observes that neo-Hiawathas could do the same for upper-Midwestern destinations now served by puddle-jumpers from our congested hubs, reaching some of the nearer destinations in the time it takes to suffer modern air travel's unavoidable inconveniences. I, for one, will be hopping mad if the upper midwest doesn't see at least a few hundred million in ARRA passenger rail funding.
'Buffett said in a statement the outright purchase of the Class 1 railroad was “an all-in wager on the economic future of the United States.”'