sterling is not so sterling in his arguments.  first, funding rail using bonds will only drive up the cost of rail.  and as more bond funding is used by the city, the city's bond rating goes down and rates go up.  in the end the bonds will have to be paid back, this will place the burden on future generation.

his argument about sunk costs are circular.  completing rail in light of increasing costs is not throwing good money after bad.  rail is a vital component of Oahu's future, providing mass transit, affordable housing, quality of life for residents, etc .  most long term projects have cost overruns, but the trick is to deal with them the most efficient way.  the notion that cost overruns are inevitable so we should not attempt to build things is ridiculous.  

third, that only people that benefit from rail should pay for it - this is misguided.  there have been many projects, nationally and locally, that are funded by funds provided by people other that do not have direct benefit.