I have an HO Bachmann Pacific Flyer railroad.  Train is about 3 years old.  The power controller will show power (red light) but no power is going to the tracks (confirmed with a multi-meter).   I took the cover off of the power pack and was able to show power going to the input of the red cord. 

Does this indicate a bad cord (common?) or bad track or bad power pack?  My power pack model number is: Item No. 466605A