Imagine a bank with all the bureaucracy of the United States Post Office AND all the financial savviness of the U.S. government. If you like that idea, you’ll just love Democrats proposal to bank at your local post office.
Socialist lawmakers including U.S. Senator Bernie Sanders and U.S. Representative Alexandria Ocasio-Cortez want Americans to be able to visit their local post office for their banking needs, according to a report by Fox News. Oh, the future looks so bright for this country, huh?
https://www.shtfplan.com/headline-news/details-of-communist-ocasio-cortezs-ties-to-george-soros-revealed_08212018
Sanders, an independent from Vermont, and Ocasio-Cortez, a New York Democrat (both tyrannical socialists), see “postal banking” as a potential solution for the estimated 32.6 million U.S. households that are “unbanked” or “underbanked,” meaning they don’t have a checking or savings account and often turn to services like check cashing or payday loans that can harm them financially in the long term. But most of the “underbanked” have chosen to do so and won’t use the Post Office for banking even if leftists insisted.
The reasons most people choose not to use a bank would not be fixed by the Post Office, but amplified. The Post Office is hardly in a position to become a bank because they lose so much money. The only reason it even exists is that it’s a government agency. No business could operate like the Post Office and remain afloat.
Socialism has some horrible ideas, and while this one’s not up there with democide, it’s still pretty bad.
But still, socialists insist poor people should bank at the Post Office. Perhaps Bernie Sanders should lead by example and use the Post Office as his primary bank. But the multi-millionaire won’t do so, because he’s a hypocrite socialist.
But besides all these facts, this suggestion is stupid for statistical reasons as well. Market Watch reported that new research shows that only a small segment of the population lives closer to a post office than they do a bank, limiting the benefits postal banking could bring. Only about 20% of counties nationwide have more post office locations than they do bank branches, according to a recent study from Ken Tumin, founder of the banking website DepositAccounts, a subsidiary of LendingTree. And these counties are home to just 7.2 million people, roughly 7% of the country’s population. As for the number of counties that have a post office but no bank, the number is even smaller. This is true of roughly 1% of counties across the country and a mere 207,000 people, less than 1% of the nation’s population, live in them.
“Post offices are a less convenient option for most Americans,” Tumin wrote. “However, this fact does not mean the financial and banking needs of a substantial number of adults are well-served.” Besides, more and more people have access to a smartphone or the internet these days, and online banking is more readily available to a wider swath of the population, leading logical humans to question the need for postal banking as a solution.
The U.S. Postal Service is viewed as a good conduit for banking services in part because it already offers some financial services, including money orders and cashing of Treasury checks. There we go! So let’s get the government involved in banking like as they did with student loans. Look how that turned out. Only socialists can come up with ideas this completely and epically disastrous for civilization.
Let the government control your money! Look how good they are with the money they steal!
This isn’t a joke either, although it should be! There are actually politicians actively working to make this country look like Venezuela!
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This is wrong on many levels.
The USPS is the ONLY agency I know of required to fund their pesions IN CASH. If you held the 50 states, or Social Security to the same standards they all would have to declare bankruptcy tomorrow. How is Illinois or California doing if they had to come up with cash to put in the accounts today to cover the promises to retirees?
Banks reject many poor people or put on so many fees if they don’t have minimums (or you love the high fee debit cards that will remove 5% of their small income in fees?).
Will you instead support a “right to banking” forcing banks to accept these people as customers and not charging any fees for the small accounts? I didn’t think so.
Considering 2008 where poor and middle class taxpayers bailed out billionaire banksters so they could pay themselves bonuses, Government can’t be much worse.
The answer is simple – require proof of citizenship and hard ID, take deposits, invest them in US Treasuries so pay a fraction of current T-Bills as interest. I wouldn’t need an ATM card, but could deposit or withdraw across the country.
I hate limousine libertarians more than limousine liberals.
HaHaHa. I can tell this was only posted to get a dig in about “socialism” much the same as the articles about Venezuela. This has nothing to do with socialism…if you would actually research it. The US Postal Service operated postal banks from 1911 until 1966 when they were replaced by community banking. They paid 2% interest on deposits and, at one time, held 10% of all commercial banking assets in the US.
I don’t care about socialism, but a good many of these posts turn out to be as bad as MSM biased fake news anymore.
Trying out for SnL ?
They have humor.
That will take them a long way.
The further the better.
As long as it is away.
.
It would NEVER work especially here. There is 1 post office and about 8 banks. The line at the post office is bad enough! With that said the USPS is the fastest shipping by far compared to UPS and FED EX (the worst).
USPS being a bank? NFW {No Freakin’ Way}. I’ve been Poor in the past so I know what they go through. Hell, they can’t make enough money to save anything in THIS economy. As soon as they get paid their money has to go straight to one bill or another. You need a certain level of annual income to start any bank account. It’s much harder to save money now than it used to be.
Do they plan on offering bank security boxes? If so, they’d have access to any valuables customers would have.
Well now…a little thinking here. Didn’t they change the laws on your deposits… it is no longer your money, you only have a claim agsinst the bank…get in line. AND. thry can do whatever they want with it.. like gamble in the stock market.
YS,
That’s exactly right. The bank depositors are on the hook for the next bail out.
This is a nonsense article. I fail to see the downfall of western civilization and capitalism if this is implemented. I also don’t see it having a significant improvement. Banks? Re-institute Glass-Steagall; now we’re talking. Locking up a few of them for laundering dope money would be a plus too.
h ttp://www.nbcnews.com/id/35914759/ns/business-world_business/t/wachovia-settle-drug-money-laundering-case/#.XPhNry-ZPfY
Merge all of the federal entitlement offices together, and then CLOSE THEM ALL ——- FOREVER.
And then outlaw all forms of personal income taxation.
What I earn is mine, not yours.
What, you’ve never heard of personal responsibility?
I like it!
Hell of an idea
If people are too lazy to go to the bank what makes you think they will go to the post office?
How many post offices are there compared to banks? Let that sink in a while lol.
The bank and the post office, now, both seem to be cubby hole businesses, located inside of pharmacies, liquor stores, and compact strip malls, all over town. It’s probably a franchise, and any masochist can pay for the rights.
Since the brick-and-mortar are supposed to be an inconvenience, due to the legal liabilities and overhead, I don’t really see why monopolies hold any more credence; it ought to represent another predictable failure of communism. The too-big-to-fail, failed — again. The franchisee is assuming the risk, once held by big govt. How is that a safety net.
It’s like owning a soda machine or a payphone.
“Cash on the hip” is the best place to have your money.
Repr Amen to that. I never keep more than a few hundred at a time in the bank. Never trusted banks anyway, and look what happened to the people in Greece. Fleeced out of they’re life savings by the banks and Government.Never keep your assets in a place where some parasite can flip a switch and steal it.
Worst idea EVER. Where I live, in Georgia, they send our mail to Florida to sort out. If you mail something in your city, it takes 4 days to come back. Mail sometime put in wrong box. Never put cash or check card in envelope for gift. It goes missing.
I am hardly famous but passibly-cool, to postal workers my own age.
I’m sorry, but they are usually pale and dumpy slouches, in my blue state — the older ones, dead set on making more work for themselves.
When my smaller dog nipped one, in spite of the big, fn red warning sign, I think, I started to like it more, and took it on walks.
What does all this have to do with handling my money. I’m glad you asked.
The Post Office in Japan has done this for a long time. They pay a small percentage but they don’t invest your money in risky bets, either. I trust Japan to run things smoothly, not the U.S.
Heck they can’t even deliver my mail correctly
Sure a all h@ll not going to let them handle my money