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Thread: Postal Service on path to be broke by October

  1. #1
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    Postal Service on path to be broke by October

    I just cant take this anymore!

    WASHINGTON — The Republican-controlled House opened the envelope of postal finances on Wednesday and what it pulled out wasn't pretty.
    Unless things change, the post office will run out of money by the end of the fiscal year in October, Postmaster General Patrick R. Donahoe told the House Oversight subcommittee on the postal service.
    Donahoe said that as of Sept. 30 his agency will owe the federal government a payment of $5.5 billion to fund medical costs, in advance, for future retirees, and in November it will need to make a $1.3 billion payment for worker's compensation.
    "The Postal Service will not have the cash available to make both of these payments. We need legislation this year to address that fact," he said.
    If it does come down to crunch time, said Donahoe: "We will deliver the mail." Employees will be paid, as will suppliers, he said. "The thing we will not do is pay the federal government."
    Without some important changes to the law the post office "cannot survive as a self-financing entity," Donahoe said.
    While the post office has been battered by the recession and the movement of mail to the Internet, it has also cut costs sharply by reducing its workforce by 240,000 people in recent years. Last year it cut costs by $3 billion and expects to reduce spending by another $2 billion this year, Donahoe said.
    But, alone among federal agencies, the post office is required to pay about $5.5 billion annually into an account to fund future retiree medical benefits.
    CONTINUED:
    Postal Service on path to be broke by October - Business - Consumer news - U.S. business - msnbc.com
    CORPORATE GREED AND UNION GREED
    DEMOCRATS AND REPUBLICANS
    DESTROYING THE BEST OF AMERICA ONE DAY AT A TIME

    This is the worst kind of discrimination. The kind against ME! ~ Bender

  2. #2
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    Re: Postal Service on path to be broke by October

    Now I feel like a sucker for buying all those "forever" stamps.

  3. #3
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    Re: Postal Service on path to be broke by October

    Quote Originally Posted by Guy Incognito View Post
    Now I feel like a sucker for buying all those "forever" stamps.
    just another one of those shining examples of a government run business

  4. #4
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    Re: Postal Service on path to be broke by October

    Quote Originally Posted by The Barbarian View Post
    just another one of those shining examples of a government run business


    Curious.... how many private sector companies have gone out of business? Look this is a "company" that is NOT a Federal run joint. It is NOT a federal run business. Did you NOT know that!?!?!?!


    OPPPPPSS!!! NO! You didnt.
    CORPORATE GREED AND UNION GREED
    DEMOCRATS AND REPUBLICANS
    DESTROYING THE BEST OF AMERICA ONE DAY AT A TIME

    This is the worst kind of discrimination. The kind against ME! ~ Bender

  5. #5
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    Re: Postal Service on path to be broke by October

    No private company could deliver a letter to every address in the country for 50 cents. In order for Americans to have that luxury the postal service has to be subsidized. It was never meant to be a for profit company. How much profit does our military generate? NASA?
    "This Administration will constantly strive to promote an ownership society in America. We want more people owning their own home. It is in our national interest that more people own their own home. After all, if you own your own home, you have a vital stake in the future of our country."" GWB

  6. #6
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    Re: Postal Service on path to be broke by October

    Quote Originally Posted by USA_1 View Post
    No private company could deliver a letter to every address in the country for 50 cents. In order for Americans to have that luxury the postal service has to be subsidized. It was never meant to be a for profit company. How much profit does our military generate? NASA?
    I have to question if the USPS is even necessary anymore, now that we have FedEx, UPS, online banking, and email attachments. If the post office needs to be subsidized, maybe it's time that we gradually start winding it down altogether.
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    Someone is WRONG on the internet! -XKCD

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    Re: Postal Service on path to be broke by October

    Aside from junk mail, I can't say that I have received a letter in years.

  8. #8
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    Re: Postal Service on path to be broke by October

    Quote Originally Posted by The Barbarian View Post
    just another one of those shining examples of a government run business
    How long has the postal service operated? I know how to fix this!! Cut taxes for the wealthy!! Clearly it's the only way.

    *Edit:

    I had to clarify about whose taxes were being cut. I mean, obviously we'd cut the wealthy's taxes so they can eat the money and then when they sweat it will drip out of their pores into our mouths.
    Last edited by whysoserious; 03-02-11 at 11:57 PM.
    Ted Cruz is the dumbest person alive.

  9. #9
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    Re: Postal Service on path to be broke by October

    Quote Originally Posted by The Giant Noodle View Post
    Curious.... how many private sector companies have gone out of business? Look this is a "company" that is NOT a Federal run joint. It is NOT a federal run business. Did you NOT know that!?!?!?!


    OPPPPPSS!!! NO! You didnt.
    more interesting libertarian perspectives



  10. #10
    warrior of the wetlands
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    Re: Postal Service on path to be broke by October

    Quote Originally Posted by whysoserious View Post
    How long has the postal service operated? I know how to fix this!! Cut taxes for the wealthy!! Clearly it's the only way.

    *Edit:

    I had to clarify about whose taxes were being cut. I mean, obviously we'd cut the wealthy's taxes so they can eat the money and then when they sweat it will drip out of their pores into our mouths.

    that is particularly stupid

    do you plan on being wealthy one day or have you given up already?



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