The perennial bad investment — the US post office – is about to get $50 billion dollars for an upgrade since we have so much money to burn. We’re only $30 trillion in debt.
The post office runs in the red by billions each year.
If congress would let them have some autonomy, they would greatly improve services. The USPS can’t do anything without approval from Congress — approvals which never come.
The $50 billion will be wasted no doubt. It was approved by the House and is up for a vote in the Senate.
“Let’s face it: the post office is one of the most important institutions, the most hallowed institutions, in American life,” said Schumer. “To starve it, to squeeze it so it can’t do its job, makes no sense. And we have Democrats and Republicans coming together to make it happen.
“It has everybody’s support, because it’s what’s needed.”
Schumer lamented that “the mail is very late these days,” due to lack of funding he blamed on conservatives and vowed the bill will “bring $50 billion of needed funds to the post office so the mail will start being on time again.”
My mail is never late. It would be good to see the evidence. They spend money and never prove they need it, they don’t tell you how it will be spent, and no one ever accounts for it.
THERE ARE SOME GOOD THINGS ABOUT IT VIA NY POST
The legislation requires future retirees to enroll in Medicare, in a change a House committee has said could save it more than $22.6 billion over 10 years. Currently, roughly 25 percent of USPS retirees do not enroll in Medicare despite being eligible for it, causing the USPS to pay higher premiums than other employers. It also requires USPS to maintain six-day-a-week mail deliveries and create an online performance tracking system.
In addition, the bill gets rid of the requirement that USPS pre-fund retiree health benefits for current and retired employees for 75 years — a measure a USPS says would sharply save it about $27 billion in the next 10 years.
USPS has reported net losses of more than $90 billion since 2007 and last week recorded a net loss of $1.5 billion for the fourth quarter of 2021.
Read the bill here.