No way:

If the state fails to work out a financial rescue of the Metropolitan Transportation Authority, the base subway and bus fare could rise to $2.50 and the cost of a 30-day MetroCard could rise to $104 next June, according to a study by the city’s Independent Budget Office.

Much better:

To head off those possibilities, a state commission has floated a rescue plan that would use the proceeds from a new regional payroll tax to help plug the deficit, along with a smaller fare increase.

Either way, service cuts are almost inevitable.  Yes, a 23% fare increase AND service cuts.

Along with MTA mismanagment, we can all thank upstate dufus George Pataki for this mess.  As governor, he led the repeal of the commuter tax in 1999 in a (successful) attempt to gain favor with suburban swine.  If you work here, you’re using the services here.  States with an income tax charge non-residents income tax, and NYC has the right to do the same.  We’ve lost over $5 billion since the tax’s repeal.  Bringing it back would generate an estimated $500 million annually.  That’s almost half of the MTA’s $1.2 billion deficit.

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