Sounds a little too familiar. Maybe Uber-familiar.
The writers at that time understood the basic problem, which hasn't changed much in 90 years. Automobiles as such weren't killing public transit and STILL haven't killed public transit. Carriage owners would never ride a streetcar. Carriage owners became auto owners who would never ride a bus.
In a dense enough city, public transit was then, and still is, the best way for poor people to get around.
Public transit was damaged and diminished by cities built purely for auto traffic. In LA or OKC or Overland Park, you simply can't get along without a car.
The current icon shows Polistra using a Personal Equation Machine.