Color me shocked.

SACRAMENTO, Calif.—The new business plan for California’s high-speed rail system shows the nation’s most ambitious state rail project could cost nearly $100 billion in inflation-adjusted funding over a 20-year construction period, far above the amount originally projected…

The report estimates the actual cost at $98.5 billion if the route between San Francisco and Anaheim is completed in 2033. It assumes private investment will account for roughly 20 percent of the final cost.

The initial estimate to build the system when voters approved bond funding for it in 2008 was $43 billion in non-adjusted dollars.

The report also concludes the project will be profitable, but again — that assumes basic interest in the service and 20% private investment. Earlier cost projections have already proven understated, so I’m not sure why we should buy the idea that when this thing is finally completed in 2033 people will be rushing to take the train.

Because nothing says “progress” like a bankrupt state spending $100 billion to build a train no one will use and that won’t be operation for 22 years.