After looking at it some more, there's a relatively simple explanation. The initial cost estimate was $40 billion in 2008 (voters approved $9.95 billion in bonds).
The thing the LA Times and others are leaving out is that the CA high speed rail authority estimates are in year of expenditure dollars, not 2008 dollars or current dollars.
So what they're estimating is that by the time the line between socal and norcal is complete, around 2033, we'll have spent $77+ billion (up to $98 billion).
That's not $77-$98+ billion in 2008 dollars, it's $77-$98 billion in 2008 through 2033 dollars, depending on when those dollars are spent.
For instance, if we spend most of the money near the end of the project, and the total cost is ~$80 billion, that corresponds to $50+ billion in 2008 dollars. It's still higher than the initial estimate, but it's not nearly as high as going from $40 billion in 2008 dollars to $77+ billion in 2008 dollars.
Comments
After looking at it some more, there's a relatively simple explanation. The initial cost estimate was $40 billion in 2008 (voters approved $9.95 billion in bonds).
https://ballotpedia.org/California_Proposition_1A,_High-Spee...
The thing the LA Times and others are leaving out is that the CA high speed rail authority estimates are in year of expenditure dollars, not 2008 dollars or current dollars.
http://www.hsr.ca.gov/docs/about/business_plans/DRAFT_2016_B...
So what they're estimating is that by the time the line between socal and norcal is complete, around 2033, we'll have spent $77+ billion (up to $98 billion).
That's not $77-$98+ billion in 2008 dollars, it's $77-$98 billion in 2008 through 2033 dollars, depending on when those dollars are spent.
For instance, if we spend most of the money near the end of the project, and the total cost is ~$80 billion, that corresponds to $50+ billion in 2008 dollars. It's still higher than the initial estimate, but it's not nearly as high as going from $40 billion in 2008 dollars to $77+ billion in 2008 dollars.