commented on Being A Person of Faith and A Union Activist Are Not Mutually Exclusive
2016-07-27 15:28:34 -0700
As a matter of fact, the USPS has not taken a dime of taxpayer money since 1982. Talk about fairness? Consider the following:
According to audits performed by the Hay Group and the Segal Company done approximately six years ago, the postal service overpaid its obligation into the Civil Service Retirement System by at least $50 billion. Think House Republicans will ever give it back? Not a chance!
The USPS is the only corporation, public or private, in the world that is forced to prepay future retiree health benefit costs 80 years in advance to the tune of $5.6 billion a year. That has accounted for virtually all postal losses since 2006, when the requirement was imposed on the USPS by Congress. The postal service is actually making a profit. To illustrate, in fiscal year 2013 the USPS reported a loss of $5 billion. Without the prepayment the postal service would have made a profit of over $600 million.
The postal service and its employees pay full freight into Medicare but do not have access to Medicare part D and the USPS does not receive a Medicare part D subsidy as do other large employers. Further, Medicare is not the primary insurance automatically as it is with others. These discrepancies cost the postal service at least $5 billion a year.
Members of both parties have acknowledged that the federal government uses the USPS as a cash cow, as the foregoing clearly shows.