OK, so if the Post Office is slowly running out of revenue, as bulk mail phases out, there’s some question as to what to do with the Post Office now.
Indeed, localities are dealing with substantial post office closures.
I was pondering this when I read yet another story about increasing bank fees.
I thought, “Why isn’t there a basic national bank, whose primary business is just accepting deposits and making small loans?” Local credit unions make up much of this business right now, but with the prevalence of check-cashing businesses, a basic banking product would have a substantial audience. A simple banking product would put check-cashers out of business (paychecks could easily go into direct-deposit).
And what government office already has branches in every city, rural areas, etc.? The post office, of course.
Sure, this would never happen, and the cries of socialism would be enormous. But the basic service of plain-vanilla banking products would be a net positive for the economy (less wasted on usurious interest rates) and would rightly separate consumer banking from the big-risk high finance companies.