Save the Post Office from Congress

"On the other hand, its pension is overfunded to the tune of around $11 billion. It is also required by law to make an annual payment of nearly $5.5 billion to prepay for health benefits for future retirees, a mandate imposed on no other company — or government agency — in America. Simply ending that onerous prefunding requirement and reclaiming the excess pension money would go a long way toward shrinking the losses."

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"Rather, the problem is that neither the management nor the workers really control the Postal Service. Even though the post office has been self-financed since the 1980s, it remains shackled by Congress, which simply can’t bring itself to allow the service to make its own decisions. It was Congress that insanely imposed the prefunding requirement in 2006. Laws restrict the post office’s ability to raise prices and cut costs. Over the years, when the post office wanted to get into new businesses, it was often prevented from doing so by Congress." [Read more]