From the Boston Globe:


Big Dig's red ink engulfs stateCost spirals to $22b; crushing debt sidetracks other work, pushes agency toward insolvency
By Sean P. Murphy, Globe Staff  |  July 17, 2008

Massachusetts residents got a shock when state officials, at the peak of construction on the Big Dig project, disclosed that the price tag had ballooned to nearly $15 billion. But that, it turns out, was just the beginning.
Now, three years after the official dedication of the Central Artery/Third Harbor Tunnel, the state is reeling under a legacy of debt left by the massive project. In all, the project will cost an additional $7 billion in interest, bringing the total to a staggering $22 billion, according to a Globe review of hundreds of pages of state documents. It will not be paid off until 2038.

Contrary to the popular belief that this was a project heavily subsidized by the federal government, 73 percent of construction costs were paid by Massachusetts drivers and taxpayers. To meet that obligation, the state's annual payments will be nearly as much over the next several years, $600 million or more, as they were in the heaviest construction period.

~~~~~~~~~~~~~~~~~~~~

John Kerry said this project would be the model for all other Public Works Projects.  Aren't you glad he wasn't elected President in 2004?

SoldiersMum wrote:~~~~~~~~~~~~~~~~~~~~

John Kerry said this project would be the model for all other Public Works Projects.  Aren't you glad he wasn't elected President in 2004?

Unfortunately, it seems the "Big Dig" IS the model for all other public works projects.  I can't remember the last project in Northern Virginia that was completed on time and on budget.  For example, the "mixing bowl" (where 395, 495 and 95 meet) rebuild only cost $675 million and took 7 or 8 years to complete.  

The simple fact is that government does nothing well.

I don't know Con, they seem to know how to tax and make stupid laws fairly well.

Bonaduce wrote:I don't know Con, they seem to know how to tax and make stupid laws fairly well.

Yes, that is a good point, but in a perverse way, excelling at being stupid really does make my point after all.