New Meaning of "Going Postal"
Interesting:
- 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."
Labels: we got nothing
posted by SCC at 12:01 AM
23 Comments:
And yet they continue to operate the same way they have for decades. Someone better let them know that Al Gore invented the internet.
It's a death spiral.
There are stories out tonight that the corporate US pension plane are more underfunded today then they were during the so-called height of the economic crisis. (2007? )
What do pension funds do with their contributions?
Why they invest them in the markets hoping to earn more money. Take away those billions of dollars going into pension fund contributions and therefore the markets and where's Wall Street headed?
Yeah think about it.
Then should Bernanke fire QE-III and print more money -- that action will push interest rates down again and most likely will be the final death blow to almost every single 401K, IRA account of people in or near retirement -- because as you may know the experts always tell you that you shift out of risky stocks and into bonds as retirement nears.
How many boomers have enough in their 401K's and IRA's to be able to live off a 3.5% interest rate of say a US treasury 10 year note? Not many I'll bet. The point is that these boomers will then be forced to pull more money out of the market to make up for the lower than expected interest they are getting.
It's a death spiral. Why do you think you will be offered the option of turning your union pension benefits into a 401K like plan where it will be sold as giving you more control over your money.
Me thinks the markets are not going anywhere for a long-long time. Giving you "more control over your money" also means when the market doesn't perform you take the blame and the consequences.
One step closer to Kings and peasants.
Why not just deliver first class mail only. Leave all the garbage circulars etc. to private industry.
Does anyone remember Parcel Post. That was the Post Office's package delivery outfit. UPS ran them out of business. So, let the post Office get smaller, save billions, and only deliver first class mail. 99% of the rest never gets opened or read. Just tossed in the garbage.
Get rid of ALL federal programs!
"So, let the post Office get smaller, save billions, and only deliver first ..."
No can do.
Obama voters, remember?
Our country is headed towards a big depression. We are following the exact script from the Depression of the 1930's. It started in October 1929 and then the government stepped in with stimulus. The economy appeared to be stabilized. In 2008 to 2011 our government has spent 2.5 trillion dollars to get about a 800 billion dollar gain in the economy. Now, just like the mid thirties, the government ran out of cash and options. That is when the Depression really sunk in. Strap your seat belt, this one will be a real dozzy.
"Owney" the postal dog stamp was just released as a 44 cent FOREVER stamp.
"Owney" was a legendary terrier mix who rode U.S. mail trains throughout the country in the 1880's as a beloved iconic mascot and good-luck charm by the postal workers.
Stock up on FOREVER "Owney" stamps.
Look who works at the PO. It's a big cumbersome operation, staffed by individuals who have only two speeds, slow and stop. They should have gone to a 5 day system long ago.
Unfortunately, it was the "bulk" mail, that was suppose to generate revenue to keep the usps afloat and away from using tax payer money. The post masters, starting w/ m. runyan, to the currant political hack, mismanaged this great institution to the ground. They did not foresee the emerging prowess of the internet and the importance of parcel post. Fedex and ups should still be 2 nd to 3rd , at best in the industry. BenjamÃn franklin is rolling in his grave at how bureaucrats ruined this wonderful institution admired and respected around the world.
It has to be bailed out, the Government will do what it has to do.
I do laugh however, at the west and south siders who are bitching about losing their PO, like those people go there.
Seems like the same corrupt Shysters that have been running the show in Chicago are slso running the Post Office. Talk about cutting the days of mail delivery and the constant increases in postage doesn't seem to be enough. How about they stop making deliveries and have us all just go to the post office and pick up our own mail. Will that help? Probably not.
to 1225 re: death spiral. If you control your own money via a 401k there are many more options offered than the investment instruments within the standard 401k or deferred comp account. For instance, if you think the markets will go lower, short it thru an inverse ETF. Controlling your own money puts the onus on you, but I will accept that burden and manage accordingly.
"Owney" the postal dog stamp was just released as a 44 cent FOREVER stamp.
"Owney" was a legendary terrier mix who rode U.S. mail trains throughout the country in the 1880's as a beloved iconic mascot and good-luck charm by the postal workers.
Stock up on FOREVER "Owney" stamps.
9/06/2011 08:51:00 AM
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OMG, the USPS is advertising on your site, SCC!
If we're really all in this together here's what we do.
We roll all the politicians retirement and healthcare plans in with all the unions and corporate executive retirement and healthcare plans. Then we combine all that with the people that are dependent on social security and medicare. Then and only then can we truly say that we are all in this together.
One thing for sure. This artificial government subsidized welfare support that fixes prescription drugs pricing by making prices non-negotiable for bulk purchase would go away in a hurry. As would the ban on re-importation of drugs and many other regulations that punish the middle class to protect these oligarchs position on the Maslow pyramid.
Yeah we're all in this together.
So wheres our plane tickets to Singapore, China, Asia, Israel, etc.. so we can participate in trade talks for the city.
I just love may Saturday mail delivery, usually arrives about 6:30 PM
Can you imagine the overtime for that?
Let UPS Managers 'Reform' it, but get ready for the howling
All pension plans are destined to fail. Where is all the money to fund them going to come from. Prepare yourselves for the future and don't be entirely dependent on your entitlement. Just saying. You've been warned.
In 024, used to see mail carriers in uniform drinking their four-hour lunches in the old bars on Granville Avenue all the time -- then the area residents were wondering why their mail wasn't delivered until 11 at night -- if at all.
Motherf__ers would take six apartments' worth of mail and just toss it all together on the lobby floor instead of sorting it into the mailboxes. Lucky they even did that.
Don't know how many "man slumped over the wheel" calls turned out to be a dead drunk mail carrier with his whole car full of mail -- had to call Postal Inspectors to come out and take charge of mail, and take drunko-slobbo to the detox -- it was a regular thing.
In Rome Italy in years gone by if the mail backed up at the post offices they would just take it all out back, burn it, and start all over again.
Heck, Illinois cities don't always pay into the state pension funds either.......and they get away from it but get away with it because the law doesn't REQUIRE the payments, In Fed land pension payments are required by law....
Besides, who wants to go against an armed postal worker.....?
The postal service does not want you to buy the "Forever" stamp. At least in quantities.... Otherwise you could get them in a roll......
USPS is doing pretty well competing in express services and even to some extent in package delivery. It is losing money on the first class and bulk mail side of things where they have no competition.
This despite a whole host of subsidies built into the system.
You just cannot deliver a letter door to door from NYC to LA for 44 cents and make money doing so.
If you raise rates, you lose the bulk mail people and heavy duty users who have already cut back quite a bit due to previous increases.
I don't know what the answer is but the postal workers union is in bed with the left so it is almost certain that the result will be some kind of us government subsidy for the post office.
This along with all these other fuck-ups are under the Obama administration. Descrution of America from the inside out. You dummies that voted this idiot in are and hopefully finally realizing that this stroke is not what ya thought. To the post office, just stop mail delivery and post office should close on Saturdays. Make mail operations and delivery Monday-Friday. Problem solved.
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