7:39 pm, May 24, 2015

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  • 13

  • The Truth
    In 2006, the Bush White House and Congress whacked the post office with the Postal Accountability and Enhancement Act--an incredible piece of ugliness requiring the agency to PRE-PAY the health care benefits not only of current employees, but also of all FUTURE employees who'll retire during the next 75 years. Yes, that includes employees who're not yet born! No other agency and no corporation has to do this. Worse, this ridiculous law demands that USPS fully fund this seven-decade burden by 2016. This politically motivated mandate is costing the Postal Service $5.5 billion a year--money taken right out of postage revenue that could be going to services. That's the real source of the "financial crisis" squeez-ing America's post offices. The irony of Congress continuing to insist on pre-funding is that the Postal Service already has funded nearly 50 percent of the FUTURE retiree health benefits obligation ($47 billion of the $90.3 billion future obligation), more than any company in America and enough for decades into the future. That probably is enough to stop all the payments and just let the interest do the work of building up the fund. One last point about the retiree health care fund. Even though there's plenty of money in the fund, the premiums for CURRENT retirees continue to be paid on a "pay as you go" model like the rest of the federal government and that amount is included in the regular operating expenses.
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • USPS
    I did not know this.Then Congress needs to change these laws.Or by me being suspicious is Congress just looking for a new revenue pot to put IOUs in like they did with the SSA Trust Fund.Thanks for the education,and why am I not surprised by the lunacy of our congressional "geniuses".
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • Accounting for future costs
    Just because Calpers and others get away without proper savings for certain future costs, doesn't mean the PAEA was wrong. Everybody is inflating future returns and underpaying pension and medical costs. What you are arguing for is a ponzi scheme.
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }