Yes, indeed, California would be smart to build some high-speed rail. I note that an economic downturn is actually a great time to start work on a project of this sort — it will provide a short in the arm to an ailing economy, and construction costs and so forth will be cheaper amidst a downturn. In principle, the public sector ought to pull back from infrastructure projects during boom times and stockpile money and good ideas that are then unleashed amidst downturns.
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