Posted on 04/11/2012 4:46:52 PM PDT by Olog-hai
For nearly a decade, traffic has been zipping through Bostons Big Dig tunnels, the nations costliest highway project that has also left a gaping financial hole in the states transportation budget that isnt likely to be filled anytime soon.
"Big Dig debt" has lately become one of the most frequently usedif not fully understoodterms in Massachusetts government. It was at the forefront of a tumultuous public debate over the MBTAs finances that ultimately produced an average 23 percent fare hike and modest service cuts, but no permanent solutions for the chronically underfunded transit system.
Next year, it could spark a debate over whether to raise taxes to fix not only the T but deteriorating roads and bridges across the state.
State debt associated with the $15 billion project is spread among a variety of agencies and funded by several revenue sources, making it difficult to pinpoint the states exact obligations. The Patrick administration has requested $101.5 million in the next fiscal year to pay debt service on special bonds issued for Central Artery/Tunnelthe official name of the Big Digbut officials estimate the states total annual debt burden related to the project at about $417 million.
The systems Big Dig debt service is estimated to cost about $125 million in the next fiscal year, a sizable chunk of the $159 million operating deficit that the Ts board voted to close last week with the mix of fare hikes, service cuts and one-time revenues.
(Excerpt) Read more at bostonherald.com ...
He was obviously right.
I took my kids on the MBTA a few years ago as a "novelty" - more to give them a taste of how the other half lives than anything else. They were not impressed at all.
That term is redundant.
I've never been lower class,having grown up middle class and remaining so to this day.Between the tolls,the traffic,the difficulty finding a parking space and the expense when you *do* find one I never drive into the city.Of course I very seldom *go* into the city...health care,airport and a good computer store in Cambridge is about it.
Here we go again. "Underfunded". Why is it underfunded? What was the level of spending in, say, 1970 and 1980 and 1990 vs. today? Has it gone up? Have worker wages gone up? Have projects gone wildly over budget? Is the real reason that there is a gap between funds and the budget is because of wild overspending?
I'd be willing to bet the farm that the problem is "wild overspending" rather that "chronic underfunding."
Been the case with every type of government takeover. NYC's subway system was deliberately bankrupted by the city, who forbade the two private companies to raise fares and even created an "independent" city-owned subway to "compete" against them. Once the city had all of the subway lines, things just got worse from there.
I'd be willing to bet the farm that the problem is "wild overspending" rather that "chronic underfunding."
And BTW,if you wanna teach your kids to be *really* grateful take them on the 6 train in NYC.Get on at 125th Street...
Of course, it won't go on indefinitely; never has, never will, can't.
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