Now that Congress has extended the due date for the Postal Service’s $5.5 billion pension plan payment to November 18th, various proposals to modernize and “rightsize” the service have appeared. The most comprehensive is the Issa-Ross Postal Reform Act, which endeavors to allow the service the freedom to do what needs to be done to keep it operating as a quasi-government agency.
In an interview with the Heritage Foundation, Rep. Darrell Issa (R-Calif., pictured), a co-author of the Postal Reform Act, claimed that if these measures were instituted, the postal service could actually turn a profit of $2 to $3 billion every year, instead of losing $8 to $10 billion annually. By trimming its workforce, increasing its efficiency, and offering more revenue generating services, Issa said the postal service would become viable without any further need for government (i.e., taxpayer) bailouts.
Click here to read the details of the Issa-Ross Postal Reform Act.