When Richard Ravitch speaks, New York should listen.

Nearly 30 years ago he presented a plan that rescued a mass transit system from the brink of collapse.

Today he is sounding the alarm again.

The global economic crisis combined with years of poor fiscal management and an over-reliance on borrowing to fund prior capital plans has created a perfect storm that threatens the future viability of mass transit throughout the region.

This is not just an issue for straphangers. Every New Yorker and every company that does business here has a stake in the future of the MTA.

A safe, efficient and dependable mass transit system is critical to the region's economic health and a major factor in our ability to attract and retain jobs.

The MTA's contingency proposal for massive fare hikes and reductions in service is unacceptable. Asking straphangers to shell out more and shoulder the burden alone is not an option.

The only fair way to address the current crisis and provide a stable funding stream for the next MTA capital plan is to ask every stakeholder to share the ride.

Today the Assembly will begin a thorough review of the Commission's proposals and will aim to quickly achieve consensus on a way forward with Governor Paterson, Mayor Bloomberg and our colleagues in the Senate. It is my strong belief that we must address this issue in time to prevent the consequences of the MTA's contingency budget from going into effect.

Click here to view notice for Assembly hearing on Ravitch Commission Report.