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FORUM 2: No: postal banking is harmful and totally useless | Opinion

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IN OCT. On the 4th, three days after the U.S. Postal Service implemented degraded standards for first-class mail, ensuring delivery will be slower than in the 1970s, it announced it was embarking on a new business. : check cashing.

The experimental service takes place in four cities: Washington, Baltimore, the Bronx in New York, and Falls Church, Virginia.

The USPS has $ 188 billion in unpaid debts and long-term liabilities, chronic annual losses of $ 9 billion, and has missed more than $ 45 billion in contributions for health care and retiree pensions since 2011.

Still, he flirts with diving into the bank, yeah, wait.

Major U.S. progressives, including Senators Bernie Sanders, I-Vt., And Kirsten Gillibrand, D-NY, as well as Congresswoman Alexandria Ocasio-Cortez, D-NY, are pushing hard enough for postal banking. They want to deliver sprawling new government programs to more than 34,000 post offices across the country.

The central argument for postal banking is that millions of Americans are unbanked and exploited by payday loan companies and related businesses that charge high fees for check cashing and other services. financial. Unbanked means not having a checking or savings account at a bank or credit union.

While all exploitation of the poor is despicable, the numbers just don’t show that being unbanked is a widespread crisis, or that the USPS getting into this business is the best way to address the issue under -jacent.


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