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Although the USPS is an independent entity, it is regulated by Congress. Due to this oversight, Congress requires the USPS to lend $5.5 billion to the US Treasury annually by purchasing “special issue” Treasury bonds
In a nutshell, the USPS has a $15 billion credit limit–and it has been forced to borrow $13.3 billion to continue operating. The USPS has also not made its required $5.5 billion payment back to Congress for two years. But, what has happened to the $5.5 billion annual installment “fund” that has been appropriated throughout the years? That money is no more. Rather than investing it or saving it for “a rainy day” (like today), Congress has already spent the money. Same story second verse.
Again, Congress has proven itself completely inept and completely insatiable when it comes to spending. Furthermore, if Congress had been doing its job of “oversight’” how did the USPS get into this bind in the first place?
Everyone is calling the USPS the slow, outdated service…But, what are we calling the US Congress?
Although the USPS is an independent entity, it is regulated by Congress. Due to this oversight, Congress requires the USPS to lend $5.5 billion to the US Treasury annually by purchasing “special issue” Treasury bonds
This would be the pension fund you are referring too? Considering the PO employs about half a million people and their business is in decline and will continue to decline as first class mail declines (e.g. with less employees in the future they will not be able to meet pension obligations through contributions from existing employees). Don't you think it's prudent it's adequately funded. If this pension fails 20 or 30 years down the road who's going to be on the hook for that?
We can always look at other public and private pensions that are doing so well......