For only $13 billion, that's what, about 5% of the amount we handed the gamblers who brought the economy to it's knees, around 10% of what our backward auto industries want to maintain our disastrous reliance on a 50 year old transportation plan that was obsolete 40 years ago, and maybe 1% of what we've wasted in the biggest corporate welfare package in recent years, the war in Iraq.
This is genuine investment in America's future, building something real that will facilitate our countries move towards a competitive, low carbon economy.
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Here is an excerpt from President Obama's speech on the matter;
"If we want to move from recovery to prosperity, then we have to do a little bit more. We also have to build a new foundation for our future growth. Today, our aging system of highways and byways, air routes and rail lines is hindering that growth. Our highways are clogged with traffic, costing us $80 billion a year in lost productivity and wasted fuel. Our airports are choked with increased loads. Some of you flew down here and you know what that was about. We're at the mercy of fluctuating gas prices all too often; we pump too many greenhouse gases into the air.
What we need, then, is a smart transportation system equal to the needs of the 21st century. A system that reduces travel times and increases mobility. A system that reduces congestion and boosts productivity. A system that reduces destructive emissions and creates jobs.
What we're talking about is a vision for high-speed rail in America. Imagine boarding a train in the center of a city. No racing to an airport and across a terminal, no delays, no sitting on the tarmac, no lost luggage, no taking off your shoes. (Laughter.) Imagine whisking through towns at speeds over 100 miles an hour, walking only a few steps to public transportation, and ending up just blocks from your destination. Imagine what a great project that would be to rebuild America.
Now, all of you know this is not some fanciful, pie-in-the-sky vision of the future. It is now. It is happening right now. It's been happening for decades. The problem is it's been happening elsewhere, not here.
In France, high-speed rail has pulled regions from isolation, ignited growth, remade quiet towns into thriving tourist destinations. In Spain, a high-speed line between Madrid and Seville is so successful that more people travel between those cities by rail than by car and airplane combined. China, where service began just two years ago, may have more miles of high-speed rail service than any other country just five years from now. And Japan, the nation that unveiled the first high-speed rail system, is already at work building the next: a line that will connect Tokyo with Osaka at speeds of over 300 miles per hour. So it's being done; it's just not being done here.
There's no reason why we can't do this. This is America. There's no reason why the future of travel should lie somewhere else beyond our borders. Building a new system of high-speed rail in America will be faster, cheaper and easier than building more freeways or adding to an already overburdened aviation system –- and everybody stands to benefit."