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In 2019, transit agencies across the United States for all modes of transportation took in 32.3 cents in fares for every dollar they spent on operating costs.
Those transit agencies recovered 18.4 cents in fares on the dollar in 2020 and just 12.8 cents in 2021.
Once the pandemic hit, transit operational costs increased while passengers abandoned public transportation for various reasons—including fear of COVID-19, working from home and having some transportation shut down.
That loss in farebox revenue was made up by an injection of federal taxpayer dollars. The federal government gave transit agencies $71.7 billion in four relief packages in response to the COVID-19 pandemic, according to a report from rating agency S&P....