This analysis of Amtrak is worth reading in full. But I like this paragraph in particular:
Even though the American freight-train business has enjoyed a renaissance in the last twenty years — companies like the Burlington Northern Santa Fe and CSX are admirable for their competitive spirit and financial results — I am skeptical that Amtrak is the company that can lead the way to the re-birth of U.S. passenger service. Freight, let’s remember, only flourished when Conrail was privatized and the industry deregulated.
To be clear, the $8 billion appropriated for high-speed corridor service has yet to be earmarked, and is best understood as discretionary funding that can be doled out to the states, if not to loyal unions. For his part, Senate majority leader Harry Reid hopes to open a drawbridge to fund high-speed rail service between Anaheim and Las Vegas.
Somehow, it is hard to imagine that the U.S. can restore its economic prosperity by rushing heavy rollers to the blackjack tables in Vegas.