Some would say it’s the unfunded pensions that are the phony accounting
No one else had to set aside money 75 years in advance, for a debt not due for 75 years. That's not legitimate accounting.
Yes. Organizations must fund pensions up front and not rely on future revenue to make up for shortfalls.
It’s weird how people bring this up. It was very unusual for the usps not to have to set aside money now to pay for pensions in the future.
"Contrary to statements made by some employee groups and other stakeholders, PAEA did not require USPS to prefund 75 years of retiree health benefits" https://www.gao.gov/assets/gao-13-112.pdf
Also the 2022 Postal Service Reform Act eliminated the prefunding and ~$57 billion of overdue payments, but USPS finances were still dogshit afterwards: USPS revenue was $80 billion and expenses were $89 billion in FY2024
loading story #50436576
loading story #50436890