USPS running out of cash; may default on pensions

KGO ^ | 9/5/11 | KGO

[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.

[Colonel Kangaroo]

Friend, how can I understand when no supporting evidence is provided? Without that, we are wasting each other’s time.

[ltrman61]

Are you incapable of reading and comprehending? The USPS wants its OWN money back from the Gov. Not pay a Government mandate that NO other company would ever do. My guess is you believe in Government mandates on business. Good for you.

[ltrman61]

By the way, where do you work, what do you make and are you worthy of your pay? Care to let us all know?

[Cheetahcat]

"Can’t find a site to back your gibberish? It’s all right there o smart one!"

Really Clarabelle?? What does say a 50K Employee cost with premium Health care, 26 sick days ,unemployment and pension money plus @10% bookkeeping,Come on business expert??

[ltrman61]

There is no cost to you. Use FEDEX or UPS and you will be fine o smart one.

[Cheetahcat]

"There is no cost to you. Use FEDEX or UPS and you will be fine o smart one."

I do Mr Nobody.

[Cheetahcat]

• The total compensation of Postal Service employees—more than $80,000 per employee on average—is well above the amounts paid in the private sector for comparable work. According to the Postal Service’s own experts, this compensation premium is probably more than 30 percent. This inefficiency costs the Postal Service and the public $10 to 14 billion or more in needless costs annually.

Still do not get it Captain Kangaroo ? Call in Greenjeans to explain it to you.

[ROCKLOBSTER]

USPS running out of cash

Shut-er-Down!!!

[ltrman61]

Well, your good to go. Please enlighten us on your noble occupation

[ltrman61]

Premium health care? You call Blue Cross @ $300/month with minimal dental and no vision coverage premium? Unemployment?Pension? You are the expert, please let us know.

[ltrman61]

What does a FEDEX, UPS, Rockwell, Halliburton, Shell Oil, .......cost in total benefit dollars? What do YOU cost in total dollars? Care to share?

[Cheetahcat]

"What does a FEDEX, UPS, Rockwell, Halliburton, Shell Oil, .......cost in total benefit dollars? What do YOU cost in total dollars? Care to share?"

That's all you got?? WE were talking about the useless USPS as I recall,Later.

[ltrman61]

Still embarrassed to tell us what you do huh?

[ltrman61]

How about this...my payment for the benefits I receive amount to $10,052.37 from my pay of 56k. We get sick leave and vacation like most other large companies and 9 paid holidays. And you?

[Randy Larsen]

So much for the TV commercials about the USPS being self sufficient!

Let em die because they lie!

[Gene Eric]

>> A huge chunk of their “profit”, since 2006, is MANDATED to prefund retirees.

That’s what I understand. USPS is held to high financial standards unlike the pricks in Congress issuing the mandates.

I hope USPS figures things out even if it involves serious cutbacks and layoffs. As an operation that is effectively self-funding, may it survive according to the rules of regular, private business - not like the crony-crap operations that launder taxpayer money.

[ltrman61]

The USPS is financially self‐sufficient.  It pays for its operations through the sale of postage and has not  received any taxpayer subsidy since 1982.  In 1971, before postal reorganization took effect, Treasury  appropriations covered nearly 25% of the P.O.D.’s budget.  In today’s dollars, that would cost taxpayers  approximately $16.25 billion.  So postal reorganization has saved taxpayers tens of billions of dollars since  1970.  Sorry to burst your preconceived bubble of ignorance. The USPS is asking to keep its OWN money, rather than continue to OVERPAY its MANDATED BY CONGRESS payment to its retiree benefits. Drop that mandated payment and the USPS is solvent. I'm surprised you support government mandates to any company. You must be an Obama fan.

[ltrman61]

Agreed! With the way things are going, most USPS craft employees would welcome privatization. Managemant, not so much.

[Randy Larsen]

I MUST BE AN Obama fan!

If you only knew my back ground.

[ltrman61]

Your support of government mandates tells me all I need to know.