I'm sorry, but this does not need a bailout. I'd rather just go pick it up at the post office. I hate eliminating jobs though but losing money like doesn't make sense.
Quote:
U.S. Postmaster General Patrick Donahoe said his agency is on a path to need a $45 billion taxpayer bailout within five years if Congress fails to take action to reverse growing financial losses for the Postal Service.
The Postal Service recorded a nearly $16 billion loss during its last fiscal year. Mr. Donahoe said Wednesday the shortfall is likely to grow worse without the ability to make significant cost cuts, including ending Saturday delivery and placing postal workers on a private health-care plan.
"Time is not on our side," he said during testimony to the Senate Homeland Security and Government Affairs Committee. "To preserve our mission to provide secure, reliable and affordable, universal delivery service--and do so without burdening the American taxpayer --the Postal Service needs urgent reform to its business model."
A majority of last year's loss was tied to defaults on required prepayments for future retirees' health care. On Wednesday, Mr. Donahoe said losses of that level won't be rare. He projected operating deficits of between $10 billion and $15 billion annually to continue without congressional action.
Last week, the postmaster said the agency would end Saturday delivery of mail but not packages, despite previous mandates from Congress to deliver six days a week.
That action drew an angry reaction at the hearing.
Sen. Jon Tester (D., Mont.) said the move could mean residents in rural Montana must wait five or six days to receive excepted mail. He said the change disproportionately hurts remote communities.
"If we're going to have a Postal Service that works for urban America, it damn well better work for rural America," he said at the hearing.
This article was corrected at 12:37 EDT to fix the misstatements that anticipated operating deficits of between $10 billion and $15 billion annually didn't include payments tied to prepaying for future retiree health care, in the fourth paragraph. The deficit projections include those mandated payments.
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"The cross.. I'm a push a 't' like the Clipse member"
Hell you could even have the prisoners kill the paid staff and retirees off for you. That way the government can keep clean hands in the whole situation. Maybe the killers you wouldn't want delivering mail or whatever but they could sort mail and do the stocking.
Hell you could even have the prisoners kill the paid staff and retirees off for you. That way the government can keep clean hands in the whole situation. Maybe the killers you wouldn't want delivering mail or whatever but they could sort mail and do the stocking.
Submitted by louisehartmann on 1. August 2012 - 8:25
Congress went on recess this week leaving the United States Postal Service financial crisis, unresolved. At midnight tonight, the Postal Service will default on a $5.5 billion payment it owes to the Treasury Department. This default will not have any immediate effects on day-to-day operations at the Postal Service, but it highlights the financial troubles that the institution, which was created more than 200 years ago by Ben franklin, is facing today. And those problems are almost entirely thanks to Republicans.
In 2006 – Republicans in Congress passed a poison pill piece of legislation forcing the Post Office to pre-fund retiree health benefits 75 years out into the future – basically funding benefits for future employees who aren’t even born yet. The Postal Service has to do this by giving the Treasury $5.5 billion every single year. That’s a requirement that no business, or any government agency has ever had to comply with. And it’s the reason why the Post Office is going bankrupt today and looking into closing down post offices, laying off workers, and cutting down delivery service.
So why is all this happening? Because the Postal Service employs hundreds of thousands of unionized workers – where as private mail carriers like UPS and Fed Ex do not. Republicans – in their non-stop war on labor – realized that they could hurt unions by bankrupting the Postal Service. That’s what they did in 2006, and their plan is working today.
Don’t buy into the scam that the Postal Service is going broke because of the internet and the rise of e-mail. It’s going broke because it’s the latest casualty in the GOP's war on organized labor.
I feel like this was ploy to remove the Post Office and allow private mailers to take over........
I feel like this was ploy to remove the Post Office and allow private mailers to take over........
Thats all it was . People are going to be livid if they have to pay a monthly fee to get their mail. However the USPS is protected by the Constitution if that means anything.
17Daps
U. S. Post Office may need 45 billion dollar bailout
. People are going to be livid if they have to pay a monthly fee to get their mail. However the USPS is protected by the Constitution if that means anything.
