Bernie Sanders says he’s concerned about the “unbanked and underbanked” in the U.S., and, along with Rep. Alexandria Ocasio-Cortez, he’s proposing that federal post offices also provide banking services. Sanders continued his pitch today:

As the Gods of Ironic Timing would have it, the very day after AOC and Sanders announced their idea for postal banking, the USPS announced a loss of $2.1 billion in just three months.

Others aren’t as confident in the proposal as Bernie & AOC are:

But hey, if Sanders wants to go back in time, let’s do this!

We’re guessing Bernie won’t embrace that proposal.

Maybe Sanders should also share the reason the Post Office savings system was discontinued, one being that it cost too much to keep up given the declining participation due to various factors:

Deposits were slow at first, but by 1929, $153 million was on deposit. Savings spurted to $1.2 billion during the 1930s and jumped again during World War II, peaking in 1947 at almost $3.4 billion.

After the war, banks raised their interest rates and began offering the same governmental guarantee as the Postal Savings System. In addition, United States savings bonds gave higher interest rates. Deposits in the Postal Savings System declined, dropping to $416 million by 1964.

On April 27, 1966, the Post Office Department stopped accepting deposits to existing accounts, refused to open new accounts, and cut off interest payments as the annual anniversary date of existing accounts came up.

And Sanders calling it a “bank” isn’t the best way to describe what it was:

Meanwhile, Rep. Ocasio-Cortez is just about over people questioning their “postal banking” idea:

We were going to propose allowing Amazon to provide banking services, but AOC might not like that idea.

That pattern has not gone unnoticed.