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The Post Office is able to compete quite well with its private competitors, its problem is that it is being sabotaged. In 2006, a law was passed requiring the USPS to fully fund its retirement fund 70 years into the future, and do so within 10 years. The USPS is required to fund the retirement of employees who aren't even born yet. UPS and FedEx don't have to fund their retirement funds for even half that long. UPS and FedEx aren't going to deliver a letter for 46 cents.
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