E.J. and I have a piece in today’s Post on the MTA’s quickly deteriorating finances.
Especially disturbing is the MTA’s recent reliance on short-term borrowing to cover its operating costs (in other words, paying millions to Wall Street banks in financing fees and interest to pay for basic things like payroll).
Thirty-five years ago, profligate municipal entities in New York needed the state’s help in a crisis. Today, authorities such as the MTA are largely in trouble because of Albany’s continued craven decisions, including suddenly seizing money from the MTA to fund the state’s own operating deficits.
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