In response to mounting budget cuts, labor abuses, reduced services, and gross mismanagement, activists from Transport Workers Union Local 100, the Amalgamated Transit Union, and Occupy Wall Street demonstrated this morning by opening more than 20 MTA locations to free transit.
Instead of using our tax money to properly fund transit, Albany and City Hall have intentionally starved transit of public funds for over twenty years; the MTA must resort to bonds (loans from Wall Street) to pay for projects and costs. The MTA is legally required to funnel tax dollars and fares away from transportation costs and towards interest on these bonds, called “debt service.” This means Wall Street bondholders receive a huge share of what we put into the system through the Metrocards we buy and the taxes we pay: more than $2 billion a year goes to debt service, and this number is expected to rise every year. If trends continue, by 2018 more than one out of every five dollars of MTA revenue will head to a banker’s pockets.
The above statement released by Occupy Wall Street.