In a letter to Senator Joseph Lieberman and Congressman Darrell Issa, Mr. Nader proposed simple solutions to fix the U.S. Postal Service's financial hole. Mr. Nader noted, however, that the financial "crisis" facing the USPS was completely manufactured.
Mr. Nader identified several drains on the U.S. Postal Service's financial resources, including a Congressional mandate that the USPS prefund its future retiree health benefits for the next 75 years by 2016 and $82 billion in overpayments that the USPS has made to federal pension systems which have yet to be refunded.
Mr. Nader points out that the $103.7 billion prefunding mandate is something that, "no other government or private corporation is required to do and is an incredibly unreasonable burden." He continues by revealing that without this onerous prepayment provision, "the USPS would not have a net deficiency of nearly $20 billion, but instead be in the black by at least $1.5 billion."
So, in other words, the US Post Office actually makes money. I've covered the pension issue here and noted that the post office had its best year last year and that each year for the last five have been strong.
I did not, however, realize that it brought in that much of a profit.
So at a time when our country's economy is in the toilet, the Congress wants to go after the one for sure money maker the federal government has?
That makes sense how?
Back to Ava, she offered to blog here about today's hearing but the roundtable tonight (for the gina & krista round-robin went so long) that I thanked her but declined. I really didn't want her to struggle with a post when I knew she was tired.
This is C.I.'s "Iraq snapshot" for Thursday: