• US Postal Service may default on a $5.5 billion trust fund payment Sept. 30th
    155 replies, posted
[QUOTE]Washington (CNN) -- The U.S. Postal Service does not have the money to meet an obligation to a retiree health care trust fund coming due at the end of the month, but if there's a default, officials promise no interruption in the mail, the payroll, or payments to suppliers. Commenting in response to a New York Times article Monday suggesting the Postal Service may have to shut down within months, spokeswoman Yvonne Yoerger told CNN there's "nothing actually new in the Postal Service's position." "We are required to make this $5.5 billion dollar payment into the future retiree health benefits fund, and probably won't be able to make it when it comes due September 30th." The fund was mandated by a 2006 postal reform act that postal officials today believe does not match the reality of declining revenues and a smaller workforce. Tuesday, congressional lawmakers will address the matter in a hearing on postal operations. Yoerger said at that hearing, Postmaster General Patrick Donahoe will insist that the fund be re-scaled from the days when there were 900,000 people on the payroll. The mandated funding level has not changed in the years since then, although the Postal Service has trimmed 250,000 jobs. She said "the fact is, no other government agency, and few corporations in the private sector are required to fund retiree health benefits 75 years out." The newspaper quoted U.S. Sen. Thomas Carper, D-Delaware, as saying the financial problems are so dire the Postal Service may close later this year. Yoerger agrees her agency does not have a sustainable business model, but stopped short of saying a shutdown is possible. One answer is to adjust those mandated payments. "We want to have the pre-funding mandate eliminated, and have the money already paid into it used for those purposes" of covering health care benefits for future retirees. She said, "We've overpaid into our retirement funds, and we'd like some of those overpayments refunded and used for future funding." She acknowledged the basis for the advance payments were mandated in 2006 because lawmakers wanted assurances the Postal Service could cover benefits for its future pensioners. In addition to relief from the future retiree payment mandate, Yoerger said the proposed business plan of the Postal Service would include a combination of closing post offices, expanding joint ventures with private industry, and changes in how often you get the mail. "Right now we are required to deliver six days a week," she said, "if it can go to five days a week, as proposed, we could better match the declining volume of mail."[/QUOTE] Source: [url]http://www.cnn.com/2011/US/09/05/postal.default/index.html?hpt=hp_bn1[/url]
So?
The USPS doesn't receive any funding from the government, right? Maybe they should?
I feel bad for old people now, but it's going to be even worse for us when we're older.
[QUOTE=chimitos;32135916]I feel bad for old people now, but it's going to be even worse for us when we're older.[/QUOTE] Yeah our generation is a piece of shit, just imagine our kids.
My mom works at the post-office. Has for her entire adult life. Praying to the GODS that her location doesn't get shut down. They used to bring in a hell of a lot of revenue, where there would be a line out the door, but lately it's been pretty empty. My dad drives semis for a private contractor, which basically get's mail from point A to point B. Looks like my entire family could be fucked. Well, the good thing is, is that they both have A LOT of seniority, so a hell of a lot of people will get fired before either of them do. My dad's in the top 10 drivers at his job, and my mom has over 20 years at hers.
[QUOTE=Redcow17;32135743]So?[/QUOTE] Yea, no biggie, it's only like one of the most important organisations a country can have.
Well done, U.S. government. Not being able to fund probably one of the most important services this country needs. Having them to default if they can't come up with the scratch. I know this is the age of technology, but some of us still use mail to pay bills, send letters, and such.
[QUOTE=Zeke129;32135898]The USPS doesn't receive any funding from the government, right? Maybe they should?[/QUOTE] I always thought they were the government's mail service.
[QUOTE=Zeke129;32135898]The USPS doesn't receive any funding from the government, right? Maybe they should?[/QUOTE] but that's socialism
I've lost all faith in my government over the past five years.
Whether you're Conservative or Progressive, surely you should agree that we should be funding the postal service.
With all this recent news I really wonder where the U.S. is going to be half a decade from now.
Great, now the GOP can hold our postal system hostage. Does USPS have a union for them to gut? I'm at the point where every time I hear that such and such problem won't get fixed without Congressional action, I just assume the problem will remain unfixed or will be made worse.
[QUOTE=Mr. Someguy;32136750]I always thought they were the government's mail service.[/QUOTE] they are but they were supposed to be self sustaining and that worked until email and stuff
I just feel like asking this considering it's somewhat relevant... Do you guys think it could be possible to have it so that emails are charged like postal stamps? No, not like, "FIVE CENTS PER EMAIL >:(" more on the line five cents per ten emails. If done it could easily stop spam email, as well as help postal services.
[QUOTE=Atlascore;32141671]I'm moving to Texas, when shit hits the fan and a civil war breaks out, I wanna be on the winning side, plus they have NASA.[/QUOTE] Yes, because in civil wars, Texas is really known for being on the winning side. Except you know, in that one civil war we had...
[QUOTE=Boba_Fett;32137331]I've lost all faith in my government over the past five years.[/QUOTE] Kind of scary to have faith in government to begin with :v:
[QUOTE=Atlascore;32141671]I'm moving to Texas, when shit hits the fan and a civil war breaks out, I wanna be on the winning side, plus they have NASA.[/QUOTE] move to canada, help us build our poutine cannons
[QUOTE=Atlascore;32141671]I'm moving to Texas, when shit hits the fan and a civil war breaks out, I wanna be on the winning side, plus they have NASA.[/QUOTE] amen brotha
[QUOTE=JoeSkylynx;32141701]I just feel like asking this considering it's somewhat relevant... Do you guys think it could be possible to have it so that emails are charged like postal stamps? No, not like, "FIVE CENTS PER EMAIL >:(" more on the line five cents per ten emails. If done it could easily stop spam email, as well as help postal services.[/QUOTE] We already pay for bandwidth from our ISPs, that covers it. E-mails have nothing to do with USPS, nor should they.
Great, my local post office can suffer from this. US is collapsing each fucking second.
[QUOTE=Rocko's;32142284]Great, my local post office can suffer from this. US is collapsing each fucking second.[/QUOTE] Get into banking. Making money by moving piles of other people's money around is the only profitable, prosperous business the US has left.
[QUOTE=Used Car Salesman;32142332]Get into banking. Making money by moving piles of other people's money around is the only profitable, prosperous business the US has left.[/QUOTE] I'm no good with numbers, but I'd love to drive an Armoured Car.
[QUOTE=Emperor Scorpious II;32142211]Kind of scary to have faith in government to begin with :v:[/QUOTE] Not really.
The postal service needs to be run like a business.
[QUOTE=reedbo;32142915]The postal service needs to be run like a business.[/QUOTE] It needs to get federal dollars is what it needs.
[QUOTE=Megafanx13;32142955]It needs to get federal dollars is what it needs.[/QUOTE] It doesn't even seem to need all that much since it has lasted so long without federal funding.
[QUOTE=Zeke129;32142966]It doesn't even seem to need all that much since it has lasted so long without federal funding.[/QUOTE] Yeah, so just a little bit of a boost is fine.
[QUOTE=Megafanx13;32137389]Whether you're Conservative or Progressive, surely you should agree that we should be funding the postal service.[/QUOTE] Pretty sure the GOP would rather have the money going to the war, sadly
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