Skip to comments.Post Office Warns of Default; Wants Help From Congress
Posted on 08/05/2011 10:49:48 AM PDT by NautiNurse
The U.S. Postal Service lost $3.1 billion in the third quarter and warns it will default on payments to the federal government if Congress does not step in with help.
Total mail volume for the quarter that ended June 30 fell to 39.8 million pieces, a 2.6 percent drop from the same period the previous year.
Also, it is required to make an annual payment to the federal government of $5.5 billion. The postal service says high payroll and retiree costs and declining volume has put it in a severe bind.
The postal service says it lost $5.7 billion during the nine-month period ending June 30, compared to a $5.4 million loss in the same period of 2010.
(Excerpt) Read more at ibtimes.com ...
They owe the government money? So, they want the government to give them money? So they can pay the government what they owe the government?
We are so screwed.
Yep. Notice I edited out the laughable line, “The USPS does not get taxpayer funds.”
She went ballistic on me -- "We are NOT the government! We are a private company! We receive no tax dollars!"
I shrugged again and said, "Sure Lady. Whatever you say."
Most of the stuff I get in the mail today is junk - maybe they should raise their prices on that stuff rather than the price of a stamp?
And Fannie and Freddie want 5 Billion more...
We still use the postal service and they do a decent job for us. I have no idea how much it costs (bottom line) to ship a letter. How much is a stamp now? 45c? Probably costs a lot more than that when you consider all funding and costs.
Lol, you need to cut those retirement benefits and close the bulk mail centers. That are buy a few more million dollars homes for employees.
“They owe the government money? So, they want the government to give them money? So they can pay the government what they owe the government?”
It worked for GM! /sarc
Isn’t this what the administration is doing? Borrowing money from China so they can pay the interest they owe China?
Oh yea - I meant to mention - I totally piss off the people in my local post office when I ask for the President Reagan stamps and not the generic Forever stamps. One time one disgruntled cog told me they were out of them when I saw a sheet in her drawer - I thought her head was gonna explode when I told her “I think I see one more sheet in your drawer there.”
Increasing the cost of stamps may help. However, if it gets too expensive, I'll pay my bills online.
NOBODY DOES THIS ANYWHERE ELSE.
It's just another way to have the Postal Service subsidize the rest of the government.
The headline is deceptive ~ USPS is not asking for "help" ~ they are asking for the government to quick standing on their corporate neck and sucking all their money.
It is one of the few constitutionally authorized functions of government.
I would eliminate SS and 40 other government agencies before eliminating the Post Office.
Didn’t the post office overpay into some retirement fund? I never heard what happened there.
omg—I avoid the surly post office counter workers like the plague. Ordered my Reagan forever stamps online. Bought enough for a lifetime supply, since I only use stamps to send my annual tax return.
People like my brother is the problem. The mail carriers had 2 blocks added on due to less mail and they all did a slowdown to save the job!
When my friend was a mail carrier he’d be done by 11:30 but paid a full day. And that was a few years ago when there was mail!
I remember when Zero was talking about how the National Health Care scheme he was proposing would not squeeze out private insurance companies. He compared the Postal Service to UPS and FedEx and smuggly claimed that THEY weren’t being squeezed out of business.
But the lazy and butt-kissing journalists failed to use that analogy and ask about how the USPS LOSES money every year and the taxpayers have to shoulder that burden as well.