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Postal Service to File For Second Default in Two Months
But I’m sure they’ll do a much better job with 16 percent of the entire economy, i.e., the country’s health care system:
Postal Service Prepares for Second Default in Two Months
The U.S. Postal Service will default this week on a $5.6 billion congressionally mandated obligation to pre-fund retiree health benefits, marking the second time in two months the cash-strapped agency has done this.
The Postal Service last month failed to pay $5.5 billion for its fiscal 2011 prepayment obligation, which originally was due in September 2011 but was deferred by Congress until Aug. 1. That was the first time it ever defaulted on a payment to the Treasury Department. The $5.6 billion due this week, on Sept. 30, represents this fiscal year’s obligation.
Before this year, Congress helped USPS defer pre-funding payments required by a 2006 congressional mandate. Postal reform has challenged this Congress. Lawmakers warn that when they revisit the issue after the November election they likely won’t reach agreement on as major an overhaul as some deem necessary. USPS lost $5.2 billion in the third quarter of fiscal 2012, $2.1 billion more than during the same time period in 2011.
Dagny
September 27th, 2012
The postal service be damned, let’s take care of the First Family:
“Taxpayers spent $1.4 billion on Obama family last year…”
http://dailycaller.com/2012/09/26/taxpayers-spent-1-4-billion-on-obama-family-last-year-perks-questioned-in-new-book/#ixzz27iH9G997
Stranded in Sonoma
September 27th, 2012
The funny part of this is, they need to raise the rate of ALL postage, not just first class. But if they do that, fewer people will use it than are using it now and that ain’t much. And you really won’t notice the difference in what you are getting now, either mail or service. Think about it, all you really get now are bills and junk. Why send your personal letter through the mail when you can just click Send on Hotmail or Gmail.
And though while this has been going on for some time, FedEx, UPS, et.al., are really cutting into their parcel business now. Even though they have their gov’t monopoly “If it fits, it ships” ad campaing going on to try and kill off the likes of FedEx and UPS.
This would be better if it were privatized. Was that racist?
Unneutral
September 27th, 2012
It doesn’t seem to matter how much the government fails they’d rather see the country die than give up power to anyone that is capable.
Toaster
September 27th, 2012
The Postal Service is authorized by the US Constitution. The public sector goonions that make it impossible to terminate slug employees aren’t (thanks for that one JFK you jerk).
Goldenfoxx
September 27th, 2012
@StrandedinSonoma: You don’t even need to get bills in the mail. You can have it sent to your email, or you can set up an automatic payment to whomever with your banking on line. The postal service failed to see years ago the electronic age of doing business. Plus like the government, they made promises of pensions that they couldn’t keep – just like SS. We don’t have mail delivered to our house – less junk mail to throw away.
RANDO
September 27th, 2012
Does this have anything to do with the union?
pissedpatriot30
September 27th, 2012
Hey now, hold on…. they DID build this. Great job!!!
Navigator
September 27th, 2012
I’m done with the post office. DONE. Every quarter, I mail roughly 500 postcards to my customers. 4 out of my last 6 customers stated that they never received my postcards. It’s not the first time either. It’s been getting worse over the last few years.
Eff them. I’ll find another way to make money. Hopefully they don’t get bailed out.
Jorel Lives!
September 27th, 2012
Don’t throw the baby out with the bathwater. I like my local PO. They do a pretty good job of getting things done, even if my mail comes late in the afternoon. We do a lot of business with them and receive excellent service. If I have a problem they don’t hassle me and screw around–it gets resolved. I try not to pay too many bills by phone so that I use a stamp; every little bit helps. Sure, they got their resident “AA” and other lazies, but they are all not that bad. We don’t need no UPS or FedEx or anyone else trying to do the job, that will result in astronomical prices for the average patron of the PO. Again, going private will blow prices sky high. Too much greed. Government should bail them out, not the banks or auto companies.
eternal cracker p
September 27th, 2012
Makes no sense. I do a lot of business with USPS and even their offices are bare bones, sometimes I wait 30 minutes just to hand a package over. Everyone gets junk mail, a lot of people have PO boxes, their delivery vehicles don’t require licensing, they make passports, online shipping service is really nice (IMHO), a lot of people buy stamps not to use but to collect, and most everyone has an address they recognize… So much opportunity with USPS and somehow it’s all pissed into the wind. WHY oh WHY?
Stranded in Sonoma
September 27th, 2012
@RANDO — Whatever gave you that idea?
even steven
September 27th, 2012
I get a lot of free energy from the postal service. I burn junk mail in my wood stove.
moarkdave
September 27th, 2012
I like my local PO. I have a great relationship with them. I mail several packages a week and buy my postage online (much cheaper and easier). I drop off my packages and everyone in my local PO is great. Although through the years, I have seen many in the USPS system that could not hold a real job in the real world.
The PO has many problems. One is that they have made impossible promises to the employees and retirees. Sorry, Viagra should not be a benefit. Two, is that they have bloated costs and inefficiencies. Cut home deliveries to three days a week. Three, get rid of the union and the stupid requirements that they entail.
I do not want to do very much business with UPS or FedEx. They are cost prohibitive for individuals. For me, they charge twice as much as the PO does. They give huge discounts to companies that send a lot of packages out, but for us common people they are pricy.
FreeMan & Sarah Voting Early & Often
September 27th, 2012
Neither rain nor snow, nor sleet nor lack of money shall stay these couriers from the swift completion of their appointed rounds
Racist
September 27th, 2012
Well the USPS benefit packages are “legendary”. They offer (well apparently they promised to offer anyway) one of the lushest retirement plans anywhere. I’ve known a few postmen, and they ALL have told me the main reason they went to work at the PO was for the retirement! They make a pretty good salary too, and then they retire with full salary + healthcare, with no deductions and at a lower tax rate, I believe! They bring home more in retirement than they did working anyway!
Bob M.
September 28th, 2012
Helps explain why my insurance payment took 9 days to travel to an office 8 miles away this month…
Unruly Refugee
September 28th, 2012
I like the P.O. that I’m having to use while I slowly relocate. But they better get their shit together somehow. I am still using their flat rate boxes to send packages to troops in Shitghanistan. Can’t find a better deal than all you can fit in a 12″ by 12″ box no matter what it weighs for $13.00. I even got a free crate of Priority boxes that has printed on them, “AMERICA SUPPORTS YOU, Our Military Men & Women.
Bob M.
September 28th, 2012
The crap circulars keep arriving at just under light speed, though…
jerry s
September 28th, 2012
” 4 out of my last 6 customers stated that they never received my postcards.”
NEWMAN !
webby h
September 28th, 2012
the BIGGEST problem they ever had was hiring/promoting from within…NO ONE WITH ANY MANAGEMENT EXPERIENCE… not with a company with 60-70 billon in expenses… the last few decades of administration have guys that were kicked upstairs… and when you have union guys negotiating with democrap pols with (you got it) OPM, the taxpayers get SCREWED like camels, goats, sheep, donkeys, pre-pubescent boys in dresses, etc.