Monday, October 11, 2010

Obama calls for high speed rail as part of $50 billion infrastructure program



Today President Barack Obama pushed for a $50 billion infrastructure program, paid for primarily by lessening the subsidies for oil and gas development, to strengthen our country's economy. The program includes a major rail component, including rebuilding 4000 miles of rail track.

He specifically calls for high speed rail in his speech.

In his remarks, he notes that as a percentage of GDP, we spend less than Russia, China or Western Europe. We spend 2 percent, Europe spends 5 percent and China spends 9 percent.

In other words, to build the foundation of our economy, we need significantly more government spending on our transportation infrastructure -- or we will continue to pay through wasted time and fuel in inefficient, clogged highways and airports.

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