Rail reality bites . . .
By Boston Herald Editorial Staff
Monday, October 4, 2010 - Added 15 hours ago
?It makes little sense to continue expanding the system when the MBTA cannot maintain the existing one. Slow expansion until the safety and maintenance priorities can be addressed.?
- MBTA Review recommendation, November 2009
One year ago former John Hancock CEO David D?Alessandro conducted a top-to-bottom review of the struggling MBTA, then stood beside Gov. Deval Patrick to deliver the bad news: If the T were a private company, it would have already folded or declared bankruptcy.
D?Alessandro?s review, which Patrick commissioned, also cautioned against any further expansion projects until the agency has a better handle on its existing maintenance and repair needs.
Ah, but the courting of South Coast voters must go on, and so Patrick and Lt. Gov. Tim Murray were back at it last week - talking up their plans to build a new commuter rail line to New Bedford/Fall River, announcing $320,000 in technical assistance grants to local communities for vague planning purposes.
This is the project that is projected to cost up to $2 billion - with no identifiable funding source - and that is supposed to magically pay for itself with all of the new economic activity it will generate.
During a debate Thursday at UMass-Dartmouth Patrick again cited the need to fulfill an ?unkept promise? to residents of the South Coast, who were passed by when the T expanded commuter rail service to Boston over the past few decades. The region does have higher-than-average unemployment and could use a helping hand.
But if you?re facing down foreclosure on your house - and your roof is caving in - do you keep the ?promise? to put in a new master suite?
In addition to $8 billion in current debt obligations, D?Alessandro?s report predicted the T will have a cumulative operating deficit of at least $550 million by fiscal 2014.
Meaning that even if the revenue fairies come up with magic financing dust for construction of the South Coast line, no one has an earthly clue how the T would pay for future operations.
The state?s chief executive is ignoring financial realities, and that is a dangerous thing indeed.