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Why Banking during the postoffice could possibly be a Better Option Than Payday Loans — and Wall Street

Why Banking during the postoffice could possibly be a Better Option Than Payday Loans — and Wall Street

Deficit hysteria

There clearly was rampant misunderstanding in connection with guidelines and accounting that will govern postal banking. Opponents declare that brand brand brand new monetary solutions would economically tank USPS and later produce an unsustainable financial burden for the government that is federal.

However these issues don’t mount up. To start with, the postoffice just isn’t straight funded by income tax profits. The Postal Reorganization Act of 1970 has lawfully forced USPS to be self-sufficient, to come up with its income from the very own solutions, whatever draconian cuts Congress has since imposed. Additionally, the analysis by the Inspector General implies USPS it self will probably make money away from brand brand new services that are financial modest charges and interest.

If preventing Main Street from dropping to the flames along side Wall Street is definitely a national concern, then a reliable postal bank operating system could possibly be our most readily useful protection.

However, whatever the post office’s own situation that is financial the federal government’s balance sheet will not add USPS assets and liabilities. Continue reading Why Banking during the postoffice could possibly be a Better Option Than Payday Loans — and Wall Street