If you have heard the words "75 years" and "Post Office" recently you may enjoy a brief digression about how to account for pension liabilities:
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This is not a situation unique to the Post Office. It will apply to almost every public pension. It is hitting the Post Office first because the Post Office is constrained by statute to lie a little less blatantly than most public pensions.
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For more reading on pensions, which are going to be the largest financial crisis the world has ever seen, see http://pensiontsunami.com The site is 15 years old, and this was generally well understood the day they opened and for decades before that.
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The more honest framing of this interesting argument is "what US government agencies have profitability as a metric of success and why?"
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Should be none.
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It merits noting that we also block the post office from doing the things a private company would do to be profitable: serve only profitable customers and charge them a profitable rate. First class mail rates would be *far* higher (think $5 or so) if USPS was truly private.
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