Tags: House | USPS | bailout

House Committee Video Blasts USPS Bailout

Wednesday, 12 Oct 2011 12:25 PM

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The House Oversight Committee is rallying behind a plan by Republican lawmakers to restructure the U.S. Postal Service (USPS) and avoid a taxpayer bailout of the failing institution, reports DailyCaller.com.
The committee has posted an Internet video titled “Postal Crisis 101: The Postal Bailout” that gets behind a plan by Reps. Darrell Issa and Dennis Ross to save the Postal Service, which expects 2011 losses of $10 billion.

“Today, the Postal Service almost can’t pay its bills,” says the video’s narrator. “When the Postal Service stops paying, retired postal workers still get benefits. The law says someone has to pay. The question is, who? The answer is you. And that’s a bailout.”

The video also refers to “a fake accounting gimmick” proposed by reform opponents that is a reference to a surplus paid into the service’s retirement account, estimated at $75 billion.

The USPS has not been granted access to these funds after numerous requests. Issa has said that freeing up these funds will not resolve the fundamental problems at the Postal Service, which have to do with declining revenues. As the video points out, 46 billion fewer pieces of mail have been sent since 2006.

The Issa-Ross Postal Reform Bill of 2011, which the Oversight Committee will look at on Thursday, aims to update and streamline the Postal Service’s business model.

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