Encouraging public transit is a great thing.
Yes; but for this kind of money, one could deliver substantially lower cross-boundary fares, a the co-fare agreement for Toronto, and substantially more service, and still have money leftover for other meritorious projects.
I would much rather hear:
1) 15-minute service, 2-way, all-day, every day on GO's Lakeshore corridor, immediately.
2) 30-minute service to Hamilton
3) Weekend service to K-W (hourly); and 15-minute service to Bramalea ASAP
4) 15-minute service to Bradford and Unionville ASAP
5) Investment in Milton corridor to produce at least 30m, 2-way, all-day service w/in 3 years.
6) Toronto gets co-pay fare
7) Regional Cross-boundary fares slashed by at least 50%
The question is what do $1 fares buy you?
In the absence of a lot more service, just crowding. Modest service increases still only net you a small ridership gain.
The money should be spent to achieve historic change, not attract a few votes and add debt w/o achievement.