In the latest hare-brained scheme from America’s self-proclaimed democratic socialists, Alexandria Ocasio-Cortez and Bernie Sanders are teaming up to release legislation that would turn the United States Postal Service…into a bank.
“Post offices exist in almost every community in our country,” Sanders wrote in a blog post. “There are more than 31,000 retail post offices in this country. An important way to provide decent banking opportunities for low-income communities is to allow the U.S. Postal Service to engage in basic banking services.”
According to the proposal, the Post Office could offer low-interest loans, checking and savings accounts, ATM services, online banking, and all the rest of the services we normally expect from, you know, friggin’ banks. Why would low-income communities need the Post Office to provide these services when they could just head down the street to Wells Fargo?
Oh, Wall Street, we forgot. The evil capitalists.
“The American people are sick and tired of being ripped off by the same financial institutions that they bailed out 10 years ago,” Sanders wrote.
Oh, something tells us that the people who will be opening up a checking account at the Post Office did not contribute much to that bailout.
“If we are going to create a financial system that works for all Americans, we have got to stop financial institutions from charging outrageous interest rates and fees,” he continued. “At the same time, we must make sure that giant Wall Street financial institutions are not the only way Americans can gain access to banking services. We can provide affordable banking options for millions of unbanked and underbanked Americans by allowing the more than 30,000 post offices in America to offer basic financial services.”
Oh man, is “underbanked Americans” going to be a thing people say now? We can’t take it.
In their feature article on the proposal, Yahoo Finance noted that the USPS was not exactly in a position to expand its services.
“Losses between 2007 and 2018 are about $69 billion. The last time the agency recorded a profit was more than a decade ago,” they reported. “It has also defaulted on more than $40 billion in payments owed to pre-fund retiree health care expenses.”
Oh, yeah. Let’s open up an account there. What could go wrong?