As we face a serious crisis in MBTA service and fares, it's important to understand how we got here and what some possible solutions are.  Here are links to a several reports with analyses and proposals.

Perhaps the most comprehensive compilation of information is on the Dukakis Center's website.

The Globe had an excellent update on the hearings and on the debt issue.

Another good summary: Boston magazine articles from 2011: The T is for Trouble and Why the T is Broke.

The MBTA Advisory Board discussed the problems with the T's debt in Born Broke in 2009.

MassInc's proposals focus on the need for state-wide and regional solutions: October 2011

Transportation for Massachusetts (T4MA) summarizes the problems of our whole transportation system in Maxed Out: October 2011
T4MA is a state-wide coalition including Alternatives for Community and Environment (ACE), Conservation Law Foundation (CLF), Environmental League of Massachusetts (ELM), Fairmount/Indigo Line CDC Collaborative, Kitty and Michael Dukakis Center for Urban and Regional Policy (Dukakis Center), Local Initiatives Support Corporation (LISC), Livable Streets Alliance, Massachusetts Association of Community Development Corporations (MACDC), Massachusetts Public Interest Research Group (MASSPIRG), Massachusetts Smart Growth Alliance (MSGA), MassBike, MBTA Advisory Board, Metropolitan Planning Area Council (MAPC), On The Move (OTM), Pioneer Valley Planning Commission (PVPC), Somerville Community Corporation, T Riders Union, and WalkBoston

A Better City is an important business group which advocates for transportation solutions.  See their website for a 2009 report urging reforms, an increased gas tax, and many other solutions.  http://www.abettercity.org/docs/Transit%20Finance%20White%20Paper.pdf (framework for discussion)

Cost Savings in the First Year of Transportation Reform November 2010

In 2010, a Blue Ribbon Summit summarized the options for both the MBTA and RTAs, with advantages and disadvantages of each.

The D'Alessandro Report 2009: Some take-aways:
"The bottom line: A private sector firm faced with this mountain of red ink would likely fold or seek bankruptcy."
Debt restructuring has saved yearly payments by deferring the cost of borrowing and increasing interest costs.
"$543M in safety-critical projects are NOT being funded."  (Fortunately, the Red Line's floating slab, costing $80 million, is being repaired with ARRA funds.)
"A large concentration of MBTA vehicles are either approaching or have already surpassed
their useful life."

The Mass. Transportation Finance Commission Report summarizes the situation in 2007: An Unsustainable System

MassPIRG did a report on the need of college students and seniors in Massachusetts: Fall 2011

Transportation for America wrote about the national mobility crisis for baby boomers.