Joe Biden announced that the obama admin’s Dept of Transportation will “loan” Amtrak $2.45B to buy “28 new trainsets for the high-speed Acela train between Washington through New York and into Boston” and rehab aging rails and stations. I say “loan” because this is more or less a bailout for a failing govt run project. Amtrak was a failing business the feds took over and has always been in the red, so the American people will never see a return on the “loan”! It’s insultin got call this a loan. Ask a bank if they would ever loan a failing business $2.45B who shows no signs of ever turning a profit aka ability to pay the loan back?! You wont because no bank would ever make such a loan.
This govt is constantly bailing out failures at the American taxpayers expense. We’re broke folks, the more they lend worthless printed money which results in devaluing of the dollar, the worse things will be when the economy finally blows up.
Biden announces $2.45 billion federal loan to Amtrak
by Allie Malloy and Betsy Klein | CNN
Washington (CNN)Vice President Joe Biden on Friday is set to announce a $2.45 billion loan to Amtrak from the Department of Transportation, the largest loan in the department’s history.
Biden’s office announced the new loan at his namesake Joseph R. Biden Jr., Train Station in Wilmington, Delaware, his office said in a statement.
The $2.45 billion will be used to purchase 28 new trainsets for the high-speed Acela train between Washington through New York and into Boston. The money will also be used to rehabilitate railroad tracks and upgrade four stations, including Washington’s Union Station and Baltimore’s Penn Station..more