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Bernie And AOC Talk Of Turning Post Office Into A Bank, But They Just LOST $2 Billion In Three Months

Bernie And AOC Talk Of Turning Post Office Into A Bank, But They Just LOST $2 Billion In Three Months

What happens when you let an old Democrat Socialist take a meeting with a young Democrat Socialist?

A lot of bad ideas.

Rep. Alexandria Ocasio-Cortez and Sen. Bernie Sanders want to turn the post office into a bank, but the post office loses billions annually as it is.

From American Mirror:

After the duo announced a proposal to create a “postal banking” system, they didn’t seem sure if they should embrace in the Biden hands-off era.

As Bernie wrapped it up, AOC waved to the camera. He waved and she put her hand on his shoulder.

He then put his hand on her arm before she leaned in for the awkward side hug.

 

The U.S. Postal Service lost more than $2 billion during the second quarter of the fiscal year, putting it on track to finish the current year more than $7 billion in the red—way worse than the nearly $4 billion in losses it posted last year.

In its quarterly fiscal report, published today, the Post Office reported small decreases in mail volume and overall revenue compared to the same quarter of 2018. Its big losses are driven by a sharp increase in expenses, primarily workers’ compensation costs, pension liabilities, and payments for retirees’ health benefits.

For the fiscal year that ended on September 30, 2018, the Postal Service recorded a then-record loss of $3.9 billion. At the time, Postmaster General Megan Brennan bluntly declared that the agency “cannot generate revenue or cut enough costs to pay our bills” and predicted that the agency would continue to post losses at “an accelerating rate.”

After losing $1.5 billion in the first quarter of the current fiscal year, the Post Office has now lost $3.6 billion in just six months. That comes even after an increase in the cost of sending first-class mail. The cost of a stamp jumped 5 percent on January 1, and other mailing services increased by 2.5 percent. The agency predicted that those changes would increase revenue by $1.7 billion—but expenses have been outpacing revenues by a wide margin.

Democratic presidential candidate Bernie Sanders and Representative Alexandria Ocasio-Cortez accused banks of acting as “modern-day loan sharks” and called on Congress to enact a federal limit of 15% on credit card interest rates.

The two self-identified democratic-socialists are set to propose legislation on Thursday capping rates on credit card and other consumer loans and letting post offices offer low-cost basic financial services, such as loans and checking and savings accounts.

An outline of the plan released ahead of their formal announcement sharply criticized banks for charging on average more than 17% interest on credit card balances while they are able to borrow money at less than 2.5%.

Former conservative pundit and author Ann Coulter recently said she’d possibly support Sanders in 2020.

But would she vote for Trump if anyone but Sanders gets the Democrat nomination?

It looks like many Bernie fans will do just that.

Bernie or bust” is their rallying cry, and many supporters of socialist Sen. Bernie Sanders, I-Vt., say they will vote for President Trump if their candidate is denied the Democratic nomination a second time.

After the 2016 election, the Cooperative Congressional Election Study found about 12% of those who voted for Sanders in the Democratic primaries voted for Trump in the general election. There are early signs that Sanders fervor is so strong that this could double in 2020, a development that could hand the White House to Trump for a second term.

An Emerson College poll this month showed 26% of those who support Sanders in the Democratic primaries and caucuses would support Trump over Sen. Elizabeth Warren, D-Mass., despite their overlapping policy positions.

The Sanders-to-Trump inclination stems in part from the belief that the Democratic National Committee “cheated” Sanders in the bitter 2016 primary with the superdelegate system and Democratic staff bias in favor of eventual nominee Hillary Clinton. Concern over establishment control of the nomination process and other aspects of the campaign season persist among Sanders loyalists.

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