Pres Biden/Vice Pres Harris the USPostal Service Needs Your Help.....it seems the USPS is paying an 8% tax on it's revenue courtesy of GW Bush.

[merrill]

Millions of Americans are still counting on the Postal Service to safely deliver their paychecks, life-saving medications, letters from their loved ones, and more.

Louis DeJoy must go because he is pissing off republicans.

Fire Postmaster General Louis DeJoy​

www.commoncause.org


So why is the USPS struggling financially?

A lot of people point to the rise of email, as well as private competitors like FedEx. Certainly, all those things contribute to USPS's problems. But what's really dragging down the Postal Service is something else entirely.

Namely, the Postal Accountability and Enhancement Act of 2006.

Passed by a Republican-led Congress and signed into law by President George W. Bush, the PAEA gave the Postal Service new accounting and funding rules for its retiree pension and health benefits.

Up until 2006, the USPS funded those obligations on a pay-as-you-go-basis, pulling out of its pension fund and adding to it as retirees' costs came in.

But the PAEA required the Postal Service to calculate all of its likely pension costs over the next 75 years, and then sock away enough money between 2007 and 2016 to cover most of them.

This is one of those ideas that sounds responsible on the surface but is actually pretty nuts.

Consider your average 30-year mortgage. What if you had to set aside a few hundred thousand dollars right now, enough to pay the whole thing, even if you were still going to make payments over 30 years?

No one would ever take out a mortgage. That's the whole point: the costs only come in over time, and the income you use to pay them comes in over time as well. It works exactly the same for retiree pensions and benefit funds.

Which is why, as economist Dean Baker pointed out to Congress, pretty much no one else does what the PAEA demanded of the Postal Service.

Meeting Congress' arbitrary mandate required putting away an extra $5.6 billion per year. "It is equivalent to imposing a tax of 8 percent on the Postal Service's revenue," Baker said.

"There are few businesses that would be able to survive if they were suddenly required to pay an 8 percent tax from which their competitors were exempted."

How George Bush broke the Post Office​

If Trump really wants to fix USPS, he should look at how the Republican government of 2006 destroyed it in the first place

theweek.com

 

[rampart]

Millions of Americans are still counting on the Postal Service to safely deliver their paychecks, life-saving medications, letters from their loved ones, and more.

Louis DeJoy must go because he is pissing off republicans.

Fire Postmaster General Louis DeJoy​

www.commoncause.org


So why is the USPS struggling financially?

A lot of people point to the rise of email, as well as private competitors like FedEx. Certainly, all those things contribute to USPS's problems. But what's really dragging down the Postal Service is something else entirely.

Namely, the Postal Accountability and Enhancement Act of 2006.

Passed by a Republican-led Congress and signed into law by President George W. Bush, the PAEA gave the Postal Service new accounting and funding rules for its retiree pension and health benefits.

Up until 2006, the USPS funded those obligations on a pay-as-you-go-basis, pulling out of its pension fund and adding to it as retirees' costs came in.

But the PAEA required the Postal Service to calculate all of its likely pension costs over the next 75 years, and then sock away enough money between 2007 and 2016 to cover most of them.

This is one of those ideas that sounds responsible on the surface but is actually pretty nuts.

Consider your average 30-year mortgage. What if you had to set aside a few hundred thousand dollars right now, enough to pay the whole thing, even if you were still going to make payments over 30 years?

No one would ever take out a mortgage. That's the whole point: the costs only come in over time, and the income you use to pay them comes in over time as well. It works exactly the same for retiree pensions and benefit funds.

Which is why, as economist Dean Baker pointed out to Congress, pretty much no one else does what the PAEA demanded of the Postal Service.

Meeting Congress' arbitrary mandate required putting away an extra $5.6 billion per year. "It is equivalent to imposing a tax of 8 percent on the Postal Service's revenue," Baker said.

"There are few businesses that would be able to survive if they were suddenly required to pay an 8 percent tax from which their competitors were exempted."

How George Bush broke the Post Office​

If Trump really wants to fix USPS, he should look at how the Republican government of 2006 destroyed it in the first place

theweek.com

they are "pre funding" their retirement plan through 2075, as required by that law from the early part of the century. this is classic "private equity " raiding strategy to restrict our ability to resist while building a huge retirement fund that they can razoo.

i don't know why they shut down the automatic sorters or cut the staff at the post office to create long lines or reduced the postal inspectors so these mail thefts are become endemic.

post office, by the way, is a constitutional mandate. they can't just stop or drop it on fedex.

 

[Dekster]

Perhaps Congress recognized that the competition was why why they needed to mandate this in order to insure that its pension did not get dumped onto the government to bail out. Perhaps the answer isn't to end the mandate, but to end the pension altogether. Let then have a 401K like everybody else.

 

[toobfreak]

the USPostal Service Needs Your Help​

F@*k 'em. Let 'em close. The aholes cram my mailbox with 98% unsolicited crap I don't want. Who needs them???

 

[Harry Dresden]

Millions of Americans are still counting on the Postal Service to safely deliver their paychecks, life-saving medications, letters from their loved ones, and more.

Louis DeJoy must go because he is pissing off republicans.

Fire Postmaster General Louis DeJoy​

www.commoncause.org


So why is the USPS struggling financially?

A lot of people point to the rise of email, as well as private competitors like FedEx. Certainly, all those things contribute to USPS's problems. But what's really dragging down the Postal Service is something else entirely.

Namely, the Postal Accountability and Enhancement Act of 2006.

Passed by a Republican-led Congress and signed into law by President George W. Bush, the PAEA gave the Postal Service new accounting and funding rules for its retiree pension and health benefits.

Up until 2006, the USPS funded those obligations on a pay-as-you-go-basis, pulling out of its pension fund and adding to it as retirees' costs came in.

But the PAEA required the Postal Service to calculate all of its likely pension costs over the next 75 years, and then sock away enough money between 2007 and 2016 to cover most of them.

This is one of those ideas that sounds responsible on the surface but is actually pretty nuts.

Consider your average 30-year mortgage. What if you had to set aside a few hundred thousand dollars right now, enough to pay the whole thing, even if you were still going to make payments over 30 years?

No one would ever take out a mortgage. That's the whole point: the costs only come in over time, and the income you use to pay them comes in over time as well. It works exactly the same for retiree pensions and benefit funds.

Which is why, as economist Dean Baker pointed out to Congress, pretty much no one else does what the PAEA demanded of the Postal Service.

Meeting Congress' arbitrary mandate required putting away an extra $5.6 billion per year. "It is equivalent to imposing a tax of 8 percent on the Postal Service's revenue," Baker said.

"There are few businesses that would be able to survive if they were suddenly required to pay an 8 percent tax from which their competitors were exempted."

How George Bush broke the Post Office​

If Trump really wants to fix USPS, he should look at how the Republican government of 2006 destroyed it in the first place

theweek.com

the president cant fire the PMG....and that bill was co-sponsored by 2 democrats...

 

[Harry Dresden]

Perhaps Congress recognized that the competition was why why they needed to mandate this in order to insure that its pension did not get dumped onto the government to bail out. Perhaps the answer isn't to end the mandate, but to end the pension altogether. Let then have a 401K like everybody else.

since 1986 postal employees have been paying into SS...

 

[Dekster]

since 1986 postal employees have been paying into SS...

So? The FERS Annuity Supplement is just an annuity that allows them to retire early and the 75 years prefunding was ended by Biden in 2022 with the USPS Fairness Act which now means poor old downtrodden retired postal workers will have to use medicare like everybody else.