On the square in Madison, Wisconsin.
Congress Is Strong-Arming The Postal Service Into Bankruptcy Even Faster
By Annie-Rose Strasser on Mar 22, 2013 at 10:45 am
….In 2006, Congress passed the Postal Accountability and Enhancement Act, mandating that the USPS front the money for 75 years of employee pensions – a requirement no other public or private institution faces.
In trying to scrape up money for the pensions of kids who haven’t even graduated high school yet, the USPS has spiraled into near-bankruptcy. Without the pension requirement, a July 2012 analysis showed, the USPS would have a $1.5 billion surplus. Instead, it’s billions of dollars in the red.
Dropping Saturday delivery was supposed to be its way of trying to fight these congressionally-imposed deficits. But yesterday, Congress rejected the five-day proposal, roundly agreeing that the USPS must keep its service at six days a week, even though it can hardly afford to do so….