Economics
New York MTA Warns of 40% Subway Cut, Shedding 9,300 Jobs
- Transit agency may issue $3 billion of deficit bonds
- MTA officials warn of drastic service reductions to cut costs
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For New York and its suburbs, the blow seems unthinkable: 40% to 50% service reductions for the city’s subways, buses and surrounding commuter train lines.
Yet as the economic fallout from the coronavirus deepens and no federal aid in sight, the nation’s largest mass-transit system says it has no choice. On Wednesday, New York’s Metropolitan Transportation Authority said it will have to slash subways and buses by 40% and chop commuter rail service by half if aid doesn’t come from Washington. Fares and tolls will increase and roughly 9,300 jobs will also be eliminated.