The United States Postal Service is at great risk. This service is critical to the rural community and our seniors. The USPS delivers 472.1 millions of pieces of mail each day. It has nearly 500,000 employees. The revenue is around $70 billion and the debt is growing.
The USPS is required to pre-fund its retirement health benefit for 50 years. This causes a huge detrimental impact to its annual balance. No private entity is required to pre-fund their retirement health benefits.
The current Administration wants to privatize the USPS. The right solution is to relieve it from having to pre-fund its retirement health plan. The House of Representatives passed the Bipartisan H.R. 2382 – USPS Fairness Act that repeals this requirement and forgives all current defaulted pre-funding payments. The Senate needs to take action to save our United States Postal Service.