I just want to take the opportunity to clarify what everyone is hearing in the news today.
Yesterday the U.S. Senate passed S.1789 The Postal Service Bill.
Contained within the bill was the provision that the Postal Service would receive 11 Billion dollars.
What you are NOT hearing in the news, is that this 11 Billion dollars IS NOT Tax Money!!! This 11 Billion Dollars belongs to the Postal Service and always has!!!
THIS IS NOT A BAIL OUT BY THE TAXPAYERS, AND HAS NOTHING TO DO WITH THE NATIONAL DEBT.
Law was passed in 2006 that required the USPS to pre-fund it's retirement program for 75 years within a 10 year period. The Postal Service must Pre-fund the retirements of people who aren't even born yet. Since 2006, the USPS has paid 5.5 Billion dollars out of their operating funds to meet this requirement every fall. This is what is causing the Postal Services' financial problems. No other government agency, and no other company in this country of ours has any such requirement placed on them.
Since 1971, the USPS has operated with NO TAX DOLLARS!!! NOT ONE CENT!!! All the money it receives is from postal customers buying stamps and paying for postage and services.
The USPS has overpaid into the retirement fund since 2006. This 11 Billion dollars the Senate wants to "give" to the Postal Service should be phrased "refund". That is what it is. This 11 Billion came from Postal Customers and Postal Employees contributing to their retirement plans.
Hopefully this Bill will pass the House, and save the Postal Service.
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