US public transportation faces an inflection point as agencies navigate the pathway toward fiscal stability, pandemic recovery, and decarbonization. Transit ridership, in decline before the spring of 2020, has not fully recovered from the sharp losses experienced in the early days of the pandemic. Did we have the experience but miss the meaning? Ridership recovery, tied inextricably to fiscal stability, is made more complex by new dynamics, including changed journey patterns reflecting changes in workplace choices. These challenges may offer opportunities to reconsider fare policy, service delivery and the federal role in supporting transit operating expenses.