Even if they are, they will be funding five years of ongoing normal replacement (plus, admittedly, three stations of the SAS and Eastside Access), with 30 years of revenues.

I’d hate to see what the system would look like in 30 years with no reinvestment in the last 25.

While your main point is correct, not that the plan is to spend the entire future revenue stream from the payroll tax in just five years by borrowing against it.

(emphasis mine)

Larry, where in the Ravitch report do you see anything about the “entire” future revenue stream? The “debt service” discussed in the report does not imply that the MTA will be paying nothing but interest on these bonds; they will be using the payroll tax revenue to pay off the principal as well – at which point the income stream would again be available to finance another round of borrowing – or maybe even to pay for capital improvements directly.

While your main point is correct, not that the plan is to spend the entire future revenue stream from the payroll tax in just five years by borrowing against it. That IS a one-time show in the arm.