Dear editor,
Moody’s Investment Firm recent report predicts that the proposed MTA $51 Billion 2020 – 2024 Five Year Capital Plan will add $38 billion in long term debt. This is on top of the MTA’s current $44 billion debt. Don’t be surprised if this new plan is reduced by billions. There may also be future service cuts, reduction in employee salary increases, delays in routine maintenance, reduction in capital projects scope of work or delaying other capital projects until the next MTA 2025 – 2029 Five Year Capital Plan.
The MTA reminds me of Wimpy who said “I’ll gladly pay you Tuesday for a hamburger today.” Wimpy paid his debts the following Tuesday. The MTA never seems to pay its debts, but just keeps on borrowing more to pay for future capital projects. If you or I managed our finances like the MTA, we would be serving hard time in debtors prison.
Larry Penner
