Biden Unveils MASSIVE DoT ‘Loan’ to Railroad Operator Amtrak
Unbeknownst to most of the United States, Vice President Joe Biden is in love with trains. His love for riding them is well documented. According to his own calculations he's ridden over 2 million miles on Amtrak trains during his lifetime.
Unfortunately for the rest of the country, Biden's love for trains also includes bailing them out when they need cash.
This past week Biden spearheaded the Federal Railroad Administration's new measure, the Railroad Rehabilitation and Financing Program, also known as a $2.45 billion loan to an industry that's bleeding cash.
Last year alone Amtrak, the biggest passenger rail service in the country, lost a staggering $300 million. Now, complaining of decrepit tracks and aging trains, the publicly propped up company is taking even more money from the government.
The billions will be used to purchase 28 new sets of trains and cars which will run between New York, Washington, D.C. and Boston. Sorry people on the West Coast. You don't get to see any of that money go to benefit trains near you (if there are any).
Biden, who stood and proudly proclaimed his love of train travel and its importance to the American economy, said that the money is necessary to keep things moving in that part of the country.
"We need these kinds of investments to keep this region -- and our whole country -- moving, and to create new jobs," he said.
It should come as no surprise that Biden is bailing out the railroads, however. He called the people at Amtrak, "my best friends in the world."
Amtrak and the rail system in our country need to deal with the hard facts of the economy, just like other industries. People are so upset about politicians who bailed out big banks during the financial crisis, but they're unable to see the hypocrisy in the government bailing out failing industries like railroads and the post office.
We need a president and an administration who will cut costs and fluff. Not prop them up so they can lose more taxpayer dollars.