To: Rep. Donald Beyer (VA-8), Sen. Mark Warner (VA-1), and Sen. Timothy Kaine (VA-2)
End The Prefunding Of Retiree Benefits In USPS
The US Postal Service is the only business or government agency required to prefund their retiree health benefits 75 years in advance. At a cost of about $5.5 billion dollars a year within a 10 year period. This needs to stop immediately. It is bankrupting a 235 year old quasi government/quasi business established in the Constitution that takes no tax dollars and is otherwise profitable.
Why is this important?
The financial crisis in the postal service is a manufactured crisis by Congress and the media. There is much misinformation about the financial condition of the Postal Service,but Congress continues to use postal service revenues to reduce the deficit even though the money is not from tax dollars.The biggest drain is the unique and burdensome requirement by Congress to prefund retiree health benefits 75 years in the future and to do this in a 10 year period. The Postal Service needs to be taken off budget and prefunding stopped.