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So The Post Office...
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<blockquote data-quote="rickyb" data-source="post: 1570290" data-attributes="member: 56035"><p>many banks wont give poor people accounts. poor people have to use payday loans with 300% interest. the post office could start public banking again. governments also get gouged on wall street interest. could use public banks to save on the cost of interest.</p><p></p><p>By contrast the federal government has taken money from the USPS and owes our Postal Service between $50 and $70 billion dollars in excess retirement benefits payments. The other overpayments to the federal government are for the unprecedented advanced payment of health benefits of future retirees of the next 75 years by 2016, amounting to $5 billion a year (Congress is considering a bill to rectify this problem). Without corrective legislation, the Postal Service says it would have lost $8.5 billion this year. (By comparison, in addition to lost lives and destruction, the Afghan War quagmire costs the U.S. taxpayer over $2 billion a week.)</p><p></p><p>If all this sounds bizarre to you, it is. No other public department is a defacto creditor of the federal government. The USPS is a hybrid public corporation, created in 1970, from the old Post Office Department. It has been run into the ground on the installment plan by commercial competitors aggressively taking advantage of a weak-willed, unimaginative succession of postmaster generals ruled by a corporate Board of Governors ideologically rooting for corporate privatizers.</p></blockquote><p></p>
[QUOTE="rickyb, post: 1570290, member: 56035"] many banks wont give poor people accounts. poor people have to use payday loans with 300% interest. the post office could start public banking again. governments also get gouged on wall street interest. could use public banks to save on the cost of interest. By contrast the federal government has taken money from the USPS and owes our Postal Service between $50 and $70 billion dollars in excess retirement benefits payments. The other overpayments to the federal government are for the unprecedented advanced payment of health benefits of future retirees of the next 75 years by 2016, amounting to $5 billion a year (Congress is considering a bill to rectify this problem). Without corrective legislation, the Postal Service says it would have lost $8.5 billion this year. (By comparison, in addition to lost lives and destruction, the Afghan War quagmire costs the U.S. taxpayer over $2 billion a week.) If all this sounds bizarre to you, it is. No other public department is a defacto creditor of the federal government. The USPS is a hybrid public corporation, created in 1970, from the old Post Office Department. It has been run into the ground on the installment plan by commercial competitors aggressively taking advantage of a weak-willed, unimaginative succession of postmaster generals ruled by a corporate Board of Governors ideologically rooting for corporate privatizers. [/QUOTE]
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