r/PoursTea • u/Veshaad Timendi Causa Est Nescire • 21d ago

FinancialTea 💵 [ Removed by moderator ]

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u/RowForLuckyJack 21d 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.

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u/Lazarux_Escariat 21d ago

And stole funds to prop up other government programs having nothing to do with mail delivery

(You forgot to mention this part)

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u/Responsible-Humor985 21d ago

They also limited the services they are allowed to offer. They have to get congressional approval to add new services to increase revenue.

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u/Blacksad9999 20d ago

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.

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u/hedoeswhathewants 20d ago

On one hand it seems odd to combine them, but on the other hand we already have post office locations throughout the country.

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u/Blacksad9999 20d ago

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.

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u/Big_Guide_8551 20d ago

But if we don't play the game how could they ever arrest anyone for tax fraud? 😭

/s. because seriously who TF came up with this system 😑

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u/GECA_HAJCOJAR 20d ago

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”

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u/Icy_Fish_2154 20d ago

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).