A People’s History of MTA Fare Hikes
In 1995, the Times basically said a 25-cent rise could be the end of the system. “The hike is billed as a way to balance the operating budget and finance a four-year rebuilding plan. But its real purpose is to give Gov. George Pataki an excuse for abandoning the state’s historic commitment to mass transit,” the paper wrote. The extra evenue would be used as collateral for a $4.5 billion loan. “A loan of that size is far too big for the subway riders to repay on their own,” the paper warned. “It would shackle the fare box to more than twice as much debt over the next four years as it underwrote in the last 15, sinking the system into a hopeless financial hole.” Hey, that’s where we are right now! A hopeless hole!