Mr. Kalikow eliminated a five percent fare increase for subways, buses and trains that had been scheduled for next September on the ground that revenues are running ahead of schedule. That sounds great, particularly to riders, but it ignores long-term fiscal realities.

By the M.T.A.’s own calculations, it will face a $1 billion gap in 2008, expanding to a $2.1 billion shortfall — equal to nearly one quarter of the authority’s projected revenue — in 2010. Of course, to reach those numbers, you have to use the authority’s accounting standards, which ignore the fact that the M.T.A. finances continuing capital expenses, including replacement of subway cars and buses, with borrowed money.

Charles Brecher is the research director of the Citizens Budget Commission and a professor of public and health administration at New York University’s Wagner School.