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Whadya think Sam?
Posted on 09/05/2011 9:37:00 AM PDT by mdittmar
The postal service says it's running out of cash and may not be able to make a $5.5 billion pension payment this month.
In fact, the postmaster general says things are so tight, the postal service may have to shut down this winter unless congress takes emergency action to stabilize its finances.
(Excerpt) Read more at abclocal.go.com ...
Their pensions are OVER FUNDED. USPS is forced to pay more than it needs to cover their pensions. can you name any other company with that mandate? Didn’t think so!
Figures, that is something else that needs to go!
What are their pensions? Can you tell me? Or are you just guessing?
The facts don’t lie! Do your own research.
Well here is yoiur first problem...they shouldn’t have pensions. They should have switched from defined benefit to defined contribution like most everyone else a long time ago.
And they should lay off a lot of people like everyone else has to do. Delivering the mail ain’t rocket science.
It’s a headfake, otherwise known as a steaming pile. USPS has to prefund it’s pensions and health care out to 75 years in the future, otherwise it would be showing a $2billion profit. Can’t make a profit, so the money must be shoved into a hole somewhere. USPS will NOT shut down this winter, bank on it.
That is a brilliant response!! Tell me what large companies don’t have a pension plan? And, the USPS has a defined contribution plan. It’s called Thrift Savings Plan. A 401K type program. Once again, someone too lazy to do some research.
Good point! And the hole it is being pushed in to is probably being used to fund other government programs.....like SS, etc.
Are you a carrier? Or are you a rocket scientist? Anyone with less than 6 years employment can be laid off from the USPS. Unless of course you are management. NEVER a shortage of managers!
Whadya think Sam?
You seem upset?
Although I am for serious reform of the USPS, I believe that you are correct about the overfunding of the pensions. The Postmaster General has indicated that that is one thing he wants Congress to address. That said, the money that should come back to the USPS won’t fix their deficits for very long. Just using the money up is just like what the States did with their cut of the stimulus. Now its gone and the States are left with the deferred problem of what to cut now. The fact of the matter is that thanks to other modes of communication, the USPS is going to be forced to undergo a substantial downsizing. But what we will likely see is the Congress trying to please their rural constituents and thus ignore the overall realities of the situation to curry favor and buy votes. It’s like Harry Reid’s little goodies for air service to Ely, NV. The planes go empty and each passenger costs the taxpayer something like $5,000. Stuff like that is going away and it can be handled effectively or by default, your choice.
Thank you for this post. Lots of information distributed all over boiled down into one post. WAY too much knee-jerking on FreeRepublic when it comes to the Post Office.
Do providing facts make me seem “upset”, so be it.
The great majority of large companies do not have a pension plan. That’s just ignorance on your part.
First Presentdent to preside over the U.S. Postal Service going T's-up.
When I was hired as a Mailman in 1966 I was hired by a Postmaster who was appointed by whichever political party was in at that time. After the strike in the early 70’s and the switch from the United States Post Office to The United States Postal Service all promotions were “in house”. That was the beginning of the end. Most everyone wanted to be a Postmaster or at least a supervisor. Guys were ratting on each other and/or stabbing each other in the back to get promoted—and it worked. Problem was—the most capable were not the ones promoted. Still that way.
In 1984 all government and Postal employees were put into Social Security. Prior to that they were in the Federal Civil Service Retirement System. Like me, they never paid a dime into Social Security. The new hires (post 1/1/84) were put into the Federal employees Retirement System. They are GIVEN 1% of their pay in a 401k type account plus they have the opportunity for matching funds. Plus Social Security. This can mount up but the “average” Mail Carrier/Clerk will never have an 80,000 dollar + pension.
After 33 plus years actual service plus 2 years military service time, plus nine months of accumulated sick leave I have a pension of almost 2,000 dollars a month. NO Social Security.
My opinion—Eliminate Saturday delivery, Close tons of small Post Offices where the one or two people who work there make more in a year than they take in in a year, eliminate tons of jobs that have NOTHING to do with delivering the mail.
I don’t make jokes. I just watch the government and report the facts.
Will Rogers
I agree with you. The majority of carriers have no problem with a 5 day delivery week for example. That would solve a lot of the overtime and under staffing right there. That is an area I differ with the unions on, as do most of the rank and file. The Unions are afraid of losing members because a five day week means less employees. The rank and file know it is needed because of the points you make. The rural areas and smaller offices are going to have to change. And when you try to close a small post office in a small town..you get a firestorm. Many people on here may not like the USPS, but go to a small community and tell them you are closing their PO. Look out!
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