Last year the post office recorded 1 billion in new revenue, while at the same time increasing their losses by 44%. What could possibly go wrong with that. She proposed the move along with fellow socialist Bernie Sanders.
The idea is to have the Post Office set itself up as a bank and would handle normal banking duties. They didn’t say if that includes credit cards with a frozen 15% interest rate. What happens if the prime rate goes over 18% like it did under Jimmy Carter? It would cost them 3% on all credit card transactions. This would be an absolute nightmare.
The good news is that neither one of them could ever get this bill passed.
PJ Media reported:
What Could Possibly Go Wrong? AOC Wants a Government Bank Operated by the Post Office
Imagine a big government boondoggle with the disorganization of a poorly-run non-profit organization and “customer service” that treats customers like driver’s license applicants at the DMV. That’s how Rep. Alexandria Ocasio-Cortez (D-N.Y.) wants banking to work.
America’s most infamous former bartender proposed this idea with Sen. Bernie Sanders (I-Vt.), the runner-up for the 2016 Democratic presidential nomination.
“We should have a not-for-profit public option for basic banking services, and we should be piloting these projects through the U.S. Postal Service,” Ocasio-Cortez said, apparently with no irony.
In the video, a tired Sanders ends his yawn to make a gesture of agreement.
— Take On Wall St (@TakeOnWallSt) May 9, 2019