The Antiplanner gives it straight:
New York City has the greatest transit system in America. It carries a third of all transit rides, and well over half of all rail transit rides in the U.S. Fares cover close to two-thirds of its operating costs, more than any other transit system. New York’s Metropolitan Transportation Authority (MTA) is what every other transit system aspires to be.
Well, maybe it’s not that bad. After all, Mayor Bloomberg probably has the cash reserves to single-handedly rescue said system.