by Zarquon » Sat 16 Feb 2019, 08:34:39
$this->bbcode_second_pass_quote('Newfie', 'S')o we are not talking chump change here. Is this a wise investment? Does it substantially help global warming? I know my answers, what are your thoughts?
I had only a brief look at the wiki page, but it seems you're basically talking about the ubiquitous cost overruns with public megaprojects, in all countries. IOW, if they had spent a $gazillion on a giant pet zoo instead, it would probably have faced the same waste and delays.
(Come on, who's going to be the first to shout "BUT THE FRIGGIN CHINESE CAN DO IT"? And then I'll say "They're sure better at hiding their failures. They also lock you up for pointing them out, which must help a lot.")
Anyway, from a politician's POV a project like this brings a ton of much needed local jobs in construction and services, which brings votes. Can anyone argue with job creation? And then a large chunk of the money spent flows back into public coffers through payroll and sales and other taxes (except for taxes on corporate profits, which somehow end up on the Cayman Islands). Suddenly the economics look a lot different than from a private company's POV.
Companies like it. Voters like it. The banks like it. Infrastructure makes everybody happy. As a politician you know in advance it will take longer, deliver less and cost more than promised. You just don't know how much, and with megaprojects like these you have no way to find out before the fact. So you vote Yes, knock on wood and hope for the best.
Once the contracts are signed, it's usually too late to pull back, which creates a great incentive to deliver a little less and bill them a little more. One delay causes the next, and delays don't add up but instead they multiply, and in the end it's never anybody's fault. In court you can always blame the delay before.
I think it's unusual everywhere for politicians to pull the emergency brake unless (or even if) costs balloon totally out of control. Doesn't matter if it's jet fighters, rail lines or nuclear power plants.
If it's any consolation, read Vitruvius. Two thousand years ago, the Romans had the same problems.