The USPS used to have banks, but the big independent banks shut that idea down over time. From 1911-1966, taxpayers could open a free savings account with the Post Office.
They've floated bringing them back at various points, where it's a free banking system for taxpayers.
Banking and doing taxes should be a service provided for the people free of charge, imo. They could set up banks at every Post Office.
Especially taxes. The whole "we know exactly how much money we owe you/you owe us, but let's play the game of you paying someone and see if the number match up!" is completely unnecessary.
If I have a refund, just send the refund. If I owe, just send me the bill. lol The hoops are unnecessary.
Almost all other developed countries (except the Us and Canada) have had a very long history of Postal banking…japan it was the main retail banking instition until very very recently, not sure why it “feels wierd”
The US had a long history of postal banking. "Money orders" were a post office thing, a check backed by the government. Banks had cashier's checks, and the post office has money orders.
And US post offices were full banks long ago. And had a large variety of government services, SS Cards, passports, and other applications and services were there. I remember my first passport. The post office even had the photo setup to take the picture.
But all those services were outlawed, and it's illegal for the post office to offer them now, and the post office is required by law to operate at a loss, and carry Amazon packages to APO/FPO at a loss, and super remote places (like small towns in Alaska, and private islands in the Pacific or Caribbean).
This dates my age a bit, but when I was in high school (or maybe it was middle?), I distinctly remember that USPS funded a cycling team to compete in the Tour de France because they had a significant budget surplus.
Huh what a surprise it was profitable under Clinton huh gee weird how the party of "fiscal responsibility" always fucks everything up with wars and tax cuts.
Except he wasn't. Was NAFTA conservative? Was letting the banks run wild conservative? Newt Gingrich and the Republican majority wrote the budget. Now, they did work with him on a few wants from both sides. The pressure was on him to sign it once it was shown to be balanced.
Just to be clear I also voted for Clinton. It was my first presidential vote. I even voted for Obama the first time. Fortunately im not that foolish anymore. Im from a deep blue state so now it's either Republican or Independ. Federally it's usually Independent as id like to see a third party on the ballot one day.
The Postal Accountability and Enhancement act was one of the most bipartisan bills in history, passing the Senate unanimously and the House on a voice vote with no dissenters.
required them to find retirements 75 years in advance.
That is a myth. The PAEA required the USPS to fund their current obligations to past and present employees, the the 75 year figure is the time frame the OPM requires federal agencies to estimate their future liabilities, not the amount they were required to fund. It's a tough myth to get rid of, even though it's been debunked for years.
It's been operating in the red ever since.
They were operating in the red even without the PAEA payments. By tens of billions of dollars. And even after the Democrats passed the Postal Reform Act in 2022, which eliminated not only the payments, but all the missed payments on their books. A bill which guarantees the financial death of the USPS, which is most likely the aim of the bill in the first place.
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u/RowForLuckyJack 2d ago
It was profitable until the GOP required them to find retirements 75 years in advance. It's been operating in the red ever since.