Officials are concerned agency may not be able to pay its bills
WASHINGTON — The Postal Service was $3.5 billion in the red for the third quarter and may not be able to make a required payment for future retiree health benefits, the agency said Thursday.
Losses for the April through June quarter were $1.1 billion more than the post office lost in the same period a year ago.
The post office has been rocked by declining mail volume as people and businesses continue switching to the Internet in place of letters and paper bills.
"Given current trends, we will not be able to pay all 2011 obligations," Joseph R. Corbett, the Postal Service's chief financial officer, said in a statement.
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12 comments:
they basically haul trash tons of it goes from the recipients mail box right into the trash bin
3.5 billion in 3 months and they MIGHT NOT be able to pay there bills, wow must of took a genious to figure that one out.
Must be time to draw in more users by raising rates and cutting already poor service even more. Gee, that hasn't worked up until now but if they keep doing the same thing over and over maybe they'll get different results.
We've gone from getting a banded wad of mail every day to getting just junk and government mail. One day was just one advertising postcard.
Keep up the sloppy work folks and you'll be just like the Feds - unsustainablly in debt.
every time they realize they aren't selling enough stamps, they raise the price of the stamps. Only the government would try to sell more of something by raising the price of it. If the federal government can't figure out how to deliver mail without going bankrupt, how can we trust them with our healthcare??
Can't run a Post office and you want them to run health care ?
it's always amazed me it ever worked
I still can't understand why they haven't stopped Saturday delivery.... oh yeah, the democratic Congress has to approve that decision and mail carriers are unionized.... another common sense decision curbed.
The employees don't do anything , but talk on the phone to their friends and family. Bunch of non productive SOB 's.
The feds don't run the post office, they run 100% independently with no tax dollars to support them... So while our government bails out wall street and crooked mortgage brokers and banks, it won't give any funding whatsoever to the post office. I don't get it
Rob S
What has more than 50,000 loafers?
The U.S. postal service
OK morons, here's the truth. The U.S. Postal service is NOT a federal agency. It gets all its revenue from the sale of its products. That is how YOU wanted it. Its ledger was much better whe it WAS a government agency. And aholes, the work is much harder than what most of you do, and actually requires brain power, so most of the posters here would be disqualified. The retiree expense that cannot be met is a charge that NO OTHER AGENCY is required to pay, so what did you expect. Mail is one of the most respected and reliable services people receive, it is always top rated in annonymous surveys. So shut up and think. Do you really want your mail bill to become similar to your phone bill?
I fully agree with what 7:32 said and of course knew that the U.S.postal Service is NOT a federal agency. The workers are a hard working group. A long term unnecessary expense that I've seen for the Post Office through the years is the early work related injury pensions they pay out. I know of 3 people, just in my local post office alone, that have retired early, some with just a few years of service that either had no real injury at all or had prior injuries even before starting at U.S.P.S. They are still the best service out there. I know, I've used them all of the shippers over the last ten years. U.S.P.S. covers their insurance claims easily, unlike UPS and FEDEX and they get my stuff safely to my intended destination. I couldn't make it without them. As far as I'm concerned a 3 day work week would work along with no saturdays. And yes, I know that FEDEX moves all of the Post Office air packages, but insurance wise the post office is dependable, FEDEX is NOT. UPS sucks and I'll never use them again.
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