The U.S. Postal Service is in trouble. So Congress is coming to the rescue by debating a proposed “Postal Service Reform Act” (HR 3076) to “stabilize” the independent agency’s financing and put it on a path of fiscal responsibility.
But although the legislation passed Tuesday by the House and now before the Senate might end up digging the Postal Service out of a fiscal hole, it would worsen Medicare’s already weakened financial condition.
The operation is an annual multibillion-dollar loser, but Americans depend on the U.S. mail and are happy to get it, even when it is inexplicably late.
Among the biggest issues facing the Postal Service is how to handle the large chunk of unfunded obligations for retirees’ health benefits. These liabilities amount to a whopping $75 billion, the amount of benefits promised but not financed.
The Government Accountability Office, the congressional watchdog agency, detailed the extent of the Postal Service problem in a 2020 report. It said the Postal Service has accumulated a total debt of $188 billion (about $580 per person in the U.S.), including unfunded health benefit obligations. This amounts to over 250% of annual revenue.
So, what to do? Sponsors of the House bill, which passed with a vote of 342-92 as 120 Republicans joined all Democrats, decided to shift the Postal Service’s health benefit costs to the Medicare program.
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https://www.dailysignal.com/2022/02/10/its-a-bad-idea-to-tap-medicare-to-bail-out-postal-service/
Replies
How can we even comment on this? The darkness is so bad in Washington that the only real remedy is to get these brain-dead tyrants out of office. Tired of hearing the back & forth sniping ot the Republican-Democrat blame game... We're far beyond that. The Trucker convoy is just the beginning & the spearhead of the resistance... We must keep up the momentum. Time to take the country back!!
Privatize them! All I get now is a few catalogs that I don't want and some junk mail, most of it coming from DC from politicians whining for donations!
I agree, little need for the post office, they have been failing for so long they have no clue how to do it right!
It is time to shut down the postal service
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