I had a shock recently when I read an article in the New York Times that wasn’t critical of Donald Trump. Not only was it on a subject other than Trump but it was a great piece of investigative journalism of the calibre that was once the mainstay of western journalism. The article was about the enormously extravagant cost of a new subway tunnel named the East Side Access project, which currently sits at $US3.5 billion per track mile, compared to a global average of $US500 million for the same distance. A similar project currently underway in Paris, for example, is being constructed for one-sixth the cost. And this isn’t the only New York tunnel project that has overflowed its financial banks in recent years. Two other recent projects were also way over the global average.
The reason for the extraordinarily high cost is Crony Unionism. A problem as much … Read the rest