It’s almost time for some more postal “default” news stories, and CNN Money has gotten the obligatory “insolvency” story out of the way almost a week early. The story has an interesting twist though- it rather matter of factly states the real reason for the so-called “crisis”:
The financial crunch is due to a law passed in 2007 that only Congress can fix. Congress ordered the prefunding of retiree benefits, as a way of easing federal deficits. Neither of the bills moving through Congress completely undo that mandate — they just prolong or delay it.
No failed business model? No bloated bureaucracy? Looks like someone at CNN isn’t following the script! The article even quotes NALC President Fred Rolando pointing out that far from running out of cash, the USPS has $44 billion stashed away already for the future retiree health benefits Congress is supposedly so worried about.
While it’s refreshing to read a story about the USPS that states the facts rather than parroting right wing talking points, one story doesn’t make a trend. But maybe it’s a cause of hope?
Read more: Postal Service to default again – Sep. 25, 2012.