There is some truth that HSR isn't super "economical" in many areas of the U.S., and isn't a magic bullet (heh) despite the meme. Of course, many "economically" based decisions fail to price in environmental and social impacts, just because something generates more profit on a "free" market doesn't mean it's a good decision.

It's also obvious that air travel and more, more, more freeways aren't the only alternative to HSR.