I’m in favor of high speed rail in the US, on the French TGV model, so I disagree strongly with implementation suggested by the OP. Firstly, high speed passenger service currently tends to work best for city pairs 200-400 miles apart. Secondly, a high-speed rail route NYC-SFO, or NYC-LAX, would still take 20-30 hours assuming approx. 190 MPH top speeds with intermediate stops, thus having no realistic chance of competing with air on the route.
Likewise, how, specifically would this scheme revitalize the rust belt on its own? There is no lack of existing means for freight transport in the region, and high-speed rail as implemented currently is inappropriate for heavy freight anyway. As a passenger route, there may be some benefit in allowing people living further out than normal (say 100-200 miles) from a city center to make daily commutes, but I would question whether this effect would be all that significant.
The main benefit of such a system, in my view, would be to get a leg up on what most likely will be extreme rises in the cost of energy for transportation over the next couple decades. It would make the most sense to start with linking major cities in the east and midwest, plus maybe the interconnecting the major cities in Texas, where the speed/distance equation would handily beat road travel times and at least equal door-to-door times when traveling by air. Once a few of these corridors have been established, then one could start considering linking them into a transcontinental route.
I am aware that there have been several referenda on establishing high-speed routes of this nature in the US, and that AFAIK, all have been voted down by the populations they presumably would benefit. I imagine that having federal funds made available to build what, at first, would be a regional rail system would have a few probelsm of voter acceptability, and states have proven both unable and unwilling to fund such systems on their own.
I think the failure to adopt such a system has mostly been because fuel costs and traffic congestion simply haven’t been onerous enough to give people and incentive to establish a system of this type, but within the next twenty years or so the equation may change considerably. It would be nice if we could look far enough ahead to see this coming, as the French did, but it doesn’t look likely.