In 2006, Congress passed the Postal Accountability and Enhancement Act. This law requires the Postal Service to do something that no other business or government agency has to do–pre-fund its FUTURE retiree health care benefits. This is a 75 year liability that has to be paid in 10 years. The Postal Service makes a payment of approximately $5.5 billion on September 30 at the end of every fiscal year to meet this obligation.
Do you understand? A retirement fund for people who haven't been born yet. Wasteful Spending!!!!!!
This is the burden that is creating the “financial crisis” for the Post Office.