FRESNO, Calif. (FOX26) — A 2014 video has resurfaced, with then-Lieutenant Governor Gavin Newsom discussing the California High-Speed Rail project.

It’s unclear who he is speaking to or who recorded the video, but he’s on camera the whole time.

He ends the 2 1/2 minute video by saying, “The facts seem overwhelming that this project is not going to materialize in our lifetime.”

You can see the video by clicking here.

Below is the transcript of the video:

They’re promoting a $33 billion project. I was out there promoting ridership that was 55% higher than the current projected ridership. I was there promoting 1/3 of the money coming from the private sector, 25 to 33 percent from the federal government. I was out there promoting the fact that this would generate revenue and not cost taxpayers subsidies, but that they’re promoting it. And none of those things now are taking shape.

It’s a $68 plus billion project they just announced 2 months ago, went up another billion just for this new 130-mile first phase.

We started with 33 billion, and it went to 96. We valued engineered it. So it’s no longer quote-unquote high-speed rail, it’s higher-speed rail.

We wildly overstated the ridership projections. We manipulated some of the revenue projections.

There’s only one true high-speed rail system in the world that generates real profit.

I thought there were two, and I remember when the president of France was here a few months ago, I complimented him on being one of the two, and he laughed, and his ministers laughed.

I said, what do you mean?

They said well, don’t believe what you read about France generating profits on our high-speed rail. The only one is Osaka that generates and that’s a different kind of concentration, urban concentration.

So this is going to be a subsidy.

The bonds are, you double the cost of the bonds, it’s the actual cost to the taxpayers of repaying them.

I mean, it’s a burden, politically speaking.

Candidly, I was there with Schwarzenegger and Tony Blair on the screen. I’ll never forget it. Governor Pataki from New York State, all celebrating cap and trade. Not one person talking about money going to high-speed.

We were talking about energy efficiency programs. We were talking about retrofitting buildings.

I was vocally concerned with my legislative colleagues up there about taking the cap and trade money.

When you set out a five-year capital plan as the governor did, a burden I actually read, which showed $56.7 million of capital expenditures, 25.6 going just for the high-speed rail, getting close to half that money, not for the deferred maintenance needs, not for local transit projects up and down the state, not for real jobs, real and that are they’re desperately needed.

Analysis would conclude that there’s no private sector money and there’s no capacity for this to be built.

But, that said, if that were the process, you would kill the project. Of course, once you break with the tribe, there’s consequences. I doubt very much even the most optimistic assessments of the next decade.

The facts seem overwhelming that this project is not going to materialize in our lifetime.