Railroads of Yore Built During Times of Turmoil, Too

24 August 2009 - 12:00pm

In considering the daunting task of building high-speed rail in the midst of an economic crisis, CBS Sunday Morning looks back and finds that the Transcontinental Railroad was built during similarly tough times.

"It was an accomplishment against the odds, according to former California treasurer and longtime rail travel enthusiast Phil Angelides.

"Look, in the middle of the Civil War, when 600,000 Americans were dying of disease and on the battlefield, that's when Abraham Lincoln pushed through the transcontinental railroad that ended right here on this spot," he said."

Source: CBS Sunday Morning, August 23, 2009
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Even if the report overestimates the costs by a factor of two and underestimates the tax-benefit by a similar amount, the conclusion would be pretty much the same: destination resorts cost local government and taxpayers money.