By Tyler Durden | 26 August 2020
ZERO HEDGE — New York’s MTA is losing an astonishing $200 million per week as a result of the drop in ridership associated with the coronavirus pandemic. As a result, the organization is doing what all underprepared organizations are doing when forced upon hard times: begging the government for more help.
The MTA is currently in “survival mode” according to a new report by Bloomberg that highlights that the agency is seeking $12 billion worth of federal funds to help cover its budget deficits through 2021.
Pat Foye, the MTA’s chief executive officer, said earlier this week: “Our sole focus now is on survival, how to reduce costs, maintain service and minimize reductions in force while protecting the capital program.”
The organization’s Board has convened an emergency meeting in August to discuss its finances. It faces a $16 billion deficit through 2024 and has told the government that, without help, it will need to boost fares, freeze wages, reduce service and stop major capital projects – you know, all the things a business should do when its customers start to wane. […]