Franklin spinning in grave
I read Wednesday’s editorial about the Postal Service with interest. This an important current topic. The United States Post Office has a responsibility to use the public funds wisely. And the U.S. Constitution requires that there be a Postal Service to serve the citizens. There might be more insight to the availbility of funds. Pres. Trump may be witholding funds; Congress has not yet allocated money. Those legacy costs are also a crucial consideration.
In 2006, Congress passed H.B. 6407 (109th Congress) which forces the USPS to prepay its employees pensions for 75 years, some of whom have not been born yet, which no other corporation or business does. One story is that this would prepare the USPS to be privatized. Another story is that this would prevent the USPS from goimg to electric vehicles, cutting out the traditional gas-powered vehicles. The Internet is a contributing factor. Regardless of the reasoning (if any) the USPS, has lost BILLIONS. In fact, bewteen 2007 and the end of 2019, the USPS was $160.9 Billion in debt for prepaying these pensions. That’s $5.65 billion every year. To pay retirement costs for employees who have not been hired – and some who haven’t even been born.
But, without H.B. 6407, the Postal Service would be turning a profit. That whirring sound in the background in Benjamin Franklin, who founded the Postal Service, spinning in his grave.