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Of course, nothing to do with corruption (at both the management and labor levels) and abysmal productivity. What happened to the $15 billion they got from the Feds during COVID?
Quote:
The MTA’s internal projections forecasting a $2.5 billion deficit in 2025 may actually underestimate the agency's dire financial future, according to a new analysis by the state comptroller.
With ridership levels still far below pre-pandemic levels and inflation on the rise, the MTA could have an operating deficit of $4.6 billion by 2026 unless the agency finds a new way to bring in money, state Comptroller Thomas DiNapoli wrote.
“The MTA needs to come up with billions of dollars to pay for operations in the coming years and that puts greater strain on its capital plan to update and repair the transit system. This has to be achieved against broad economic challenges that are increasing costs and threaten a recession,” DiNapoli said in a statement.
So new news same as the old news. The MTA pisses away billions a year while knowing they're "too big too fail" and will eventually scrounge the money from either taxes or federal bailouts.
Quote:
“The focus and celebrations of the ‘pandemic high’ ridership days feeds into NYC boosterism that can undermine the message that MTA is in deep financial trouble,” said Rachael Fauss, a policy adviser with the good government group Reinvent Albany.
The MTA expects to bring in $1 billion a year through congestion pricing fees, which it would use to sell bonds and generate $15 billion in revenue. But by law, that money is only supposed to be used for capital improvements. The comptroller wrote that if some of that money was used to plug gaps in the budget, it could do more long-term harm by not funding improvements like new signals, train cars, and elevators.
MTA Chairman Janno Lieber has for months called for a “new revenue stream” from Albany. But it’s unclear what form that might take and whether elected officials would be willing to send the agency more money – presumably through a new tax.
The MTA said it agrees with the comptroller’s findings.
They going push agenda for congestion pricing south of 96th street, toll increase, fare increase. I read few days if NYC go ahead with congestion pricing NJ going increase their tolls rate for NYC/NY state drivers.
As for those station attendants, if you need anything, anything at all, they are like the MTA gift that just keeps on giving. (completely Ratchet customer service)
A stimulus funding can’t cover operating budget for ongoing basis. They knew they had budgeting concerns. I said it dozen times, the way out of to declare bankruptcy and start over a new agency. Default all the debt obligations including pensions.
They absolutely know how those other subways are run but there is no money to be made that way. Why change when they are making out so well with the setup they have here and no one willing or able to stop them?
Dear Federal Government: Please Print more money....................The Democratic Answer.
Now do you understand Inflation?
Government created ; money thru taxation ( without representation ) from the hard working American...........
The rich need not worry ......................they can't spend it fast enough.
The poor need not worry .................they just stretch out their hands.
The hard working American ...................money invisibly torn in half................to feed the rich and the poor.
The MTA should learn from other global cities like London, Tokyo, Seoul how they run their subway and bus system, management.
They are too far gone in the mess that was created although I agree and would love to see some actual change.
Unfortunately the only change I see coming is an increase in train fare
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