Yet another rail boondoggle, this time in New Mexico 

Here's one that I know Michael Barone will enjoy: An op-ed from a New Mexican mayor on the disastrous, money-losing boondoggle of a rail line between Albuquerque and Santa Fe -- the "Rail Runner." A few key numbers from the piece:

The train's operating expenses are $23 million per year -- covered in part by a federal grant that is expiring. The train's revenues are just $3.2 million per year.

The principal and interest on the project comes to $18 million per year, until two balloon payments come due next decade, amounting to about half a billion dollars.

Mayor Lawrence Abraham of Los Ranchos de Albuquerque writes:

Putting this in even bleaker perspective over the span of 20 years, the true cost of the Rail Runner is close to $1.3 billion, with revenues of only $60 million.

So here we have a project that is losing 95 percent of cost. Note that this isn't high-speed rail, but also that every single one of President Obama's vaunted high-speed rail lines is its a potential repeat of this disaster. Don't say you weren't warned.

About The Author

David Freddoso

Bio:
David Freddoso came to the Washington Examiner in June 2009, after serving for nearly two years as a Capitol Hill-based staff reporter for National Review Online. Before writing his New York Times bestselling book, The Case Against Barack Obama, he spent three years assisting Robert Novak, the legendary Washington... more
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