The jist:
Since back in the Eisenhower era, the federal government has maintained a Highway Trust Fund, paid for mostly by taxes on fuel, that helps cover the repair and construction of our country’s roads, bridges, and mass transit. The idea was that drivers themselves should bear some of the cost the roads they used. Unfortunately, Congress hasn’t raised the gas tax since 1993. Since then, inflation has eaten away at least a third of its value.
…
First, Americans started caring about the fuel efficiency again, as skyrocketing oil prices ended the era of gas-guzzling SUVs. Then the recession struck, and penny-pinching drivers logged fewer miles to save on gas. Today, Americans are still using less fuel than they did just a few years ago. As a result, they’re paying fewer gas taxes, and less money is flowing into the Highway Trust Fund, which is now facing potential insolvency in 2013, according to the Congressional Budget Office. The current House transportation bill would spend about$50 billion more than what the fund can pay for. A more modest Senate version would spend $12 billion more.
Insofar as these trends aren’t going away, [the tolls around Chicago seem to think so, at least] isn’t it a good time to invest in high-speed rail?
