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How State Taxes Put a Bigger Pinch on the PoorThis one obviously became "A Bridge Too Far" fetched, as Alaska Abandons Infamous 'Bridge to Nowhere' included in last year's budget as part of the traditional pork-barrel spending that goes on in Washington -- usually following long speeches about trimming the fat.
There is probably nothing more universally consistent in a campaign speech than the promise to cut federal spending. Of course politicians are equally consistent on failing to do so once they are in office. However, in the case of this infamous bridge to an Island of a few hundred residences, the political heat, under the proverbial magnifying glass, was too much.
The public outrage and direct lobbying from various budget watchdog groups and with the support of Senator Tom Coburn, Representative Jeff Flake, and Representative Mark Kirk, the State of Alaska has officially abandoned plans to pursue the infamous Gravina Bridge. Money is still earmarked for the state, but the recently elected new governor decided to drop the project.
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As reported by the Associated press: The $398 million bridge would have connected Ketchikan to its airport on a nearby island. "Ketchikan desires a better way to reach the airport, but the $398 million bridge is not the answer," Gov. Sarah Palin said in a prepared statement.
In all truth, I do not know whether building this bridge was warranted and what the payback would be if it was built. It is unfortunate that the government does not do proper cost benefit analysis do decide the merits of a project. It is all too often just about lobbying for or against some expenditure. Inevitably this was funded for this reason and when the lobbying effort to stop exceeded the one to fund it, the bridge idea collapsed under it's own weight!
To find potential opportunities and verify my track record, read Chasing Value or Serious Money.
Sheldon Liber is the CEO of a small private investment company and the principal for design and research at an architecture & planning firm.
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