LT. Governor Ravitch Issues Warning on the Condition and Financing of NYs Transportation Infrastructure
Lt Governor Ravitch released a sobering assessment on November 18, 2010 on the state of financing New York’s core transportation infrastructure. Simply put, New York State lacks the revenues necessary to maintain its transportation system in a state of good repair and has no credible strategy for meeting future needs, he said.
While the lack of available funding is in part due to declines in state revenues and the current recession, decisions by prior administrations have left New York’s transportation programs without secure revenue streams and drowning in debt service.
As the report dramatically points out, New York now faces the choice of significantly higher taxes, fees, fares, and tolls or a drastically diminished transportation program that could jeopardize safety and economic well-being.
The report by Lt. Governor Ravitch is a warning and a blueprint for action. We ignore it at our peril.