Also the fare in 1946 was five cents.

Just a little side note, since I've always been curious. According to stats I found doing a quick search, the average worker spent 2.01% of his income on train travel (assuming 10 $.05 trips per week, 52 weeks per year, based on a nonfarm salary of $1288.) In 2005, the average worker spent 2.24% of his income (assuming $2.00 trips, with a salary of $46,326.)

Of course, I'd like to see that $46,000 a year instead of what I have right now. It seems that most of the people who take public transportation make less than that (sometimes much less) so obviously they contribute a much higher percentage of their earnings. But it's a whole other story to see how much the average worker who takes public transportation spends on travel.

For your calculation today you should take the $76 monthly metrocard. That's $912 annually, or 1.98% of $46,000. And the 5 cent fare was by all accounts considered way too low in 1946, having been at that level since around the 1890s. It was raised to 10 cents in 1948 and 15 in I think 1953. Even for a minimum wage worker ($14872 annually, as of Jan 1, 2007), the monthly metrocard is 6% of their gross annual income, which is not unmanageable, especially considering that for that price you get transportation about as good as everyone else in the city does. And of course when you compare it to the costs of owning and operating a car, even the cheapest car, it's a pretty good deal.
God the zone 1 London Tube Pass (Zone 1 would be roughly equivalent to Manhattan, the Zones go out to 6) is £800 a year, or about $1600.

So Manhattan only, for $1600 pa.  For the Boroughs, closer to $3200.

A Tube Fare (one way) with Oyster Card (prepaid plastic card) is £1.40, by cash £2.50 so $2.80 and $5.00 respectively.

A bus fare is cheap though: £0.80 (and bus fares aren't zoned in the same way).  We have done more than you have (I think) to provide bus only routes in some areas, and 'red zones' (no stopping or you are towed).

We have these new 2 part 'bendy buses' which you get on and off at the back pairs of doors.  There is no longer a conductor (as there was in the Routemaster buses).  The net result of this is, I would estimate, that as many as 1 in 3 riders evades fare.

I am reminded that one of the real breakthroughs on New York crime was to nail fare jumpers.  It turns out that someone who is about to commit other crimes, is also far more likely to jump fare.