Amtrak triumphantly proclaimed 2012 to be a success. The reason? It posted a loss of only $361 million for the year. That’s its smallest operating loss since 1975, amid growing ridership along the Northeast Corridor between Washington and Boston. Although this represents progress in the right direction, Amtrak is still not worth what it costs American taxpayers.
Amtrak has never been profitable. From its outset in 1971, it has been backed by taxpayers with billions of dollars in direct aid and loans. Over the past three years alone, Amtrak has received more than $4.4 billion in federal aid, and it still was not able to finish any of those years in the black.
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