The US Postal Service has seen record losses as traditional mail is replaced by electronic means. Without enough money to pay for years of employee benefits, the agency is calling for legislation to enable them to raise their prices.
On Thursday, the USPS reported losses of $2.1 billion in the third fiscal quarter of 2017, compared to a $1.6 billion loss in the same quarter last year.
Over the past 10 years, the USPS has incurred a net loss of $63.3 billion and they project future losses without legislative and regulatory changes.
The agency also warned that it will likely have to default on $6.9 billion in payments for future retiree health benefits and pensions, according to the Associated Press. From 2012 to 2016, the USPS has defaulted on $33.9 billion in Postal Service Retiree Health Benefits Fund prefunding payments.
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This has to be the dumbest thing yet. What do you do when you're losing money and business? If you're the postal service raise prices and give consumer even more reason not to use your service
ReplyDeleteThe postal service has always lost money, Let the private sector take it over.
ReplyDeleteWhat's to take over, the grocery ads?
ReplyDeleteThey just bought a pretty new fleet of vans for all the mail they don't deliver, LMAO
ReplyDeleteThis is a service to the US citizens. What other government dept. MAKES money?
ReplyDeleteWhat other department LOSES money?
DeleteI Don't believe they Lost anything
ReplyDeleteThey are taking in $$$ hand over fist
and I see New Vehicles (over priced and not needed)
New Heat pumps on their buildings
Overpaid mngmnt staff (and too many of them doing Nothing)
They are making Trillions because shipping is way too expensive
So I DARE THEY CRY OVER $$$$$$$$$ THEY HAVE PLENTY OF IT (TOO MUCH)
I can tell you first hand, Salisbury has two employees making 70,000 apiece, Howard Wiles sits in the break room doing crossword puzzles all day while out sourcing all maintenance work. The other Steve Adams about a 350 turd that the biggest part of his day is trying to figure out what to eat for lunch
ReplyDeleteYep, yep, got to pay all those grand quasi-governmental pensions, that most private sector employees do not get, to all those people that don't work anymore; yep, yep, and their health care benefits too. Ever seen a post office in a town that has only a handful of houses? Yep, yep, got to keep them open and maintained too. Not only gonna have to raise prices, but they are going to need a taxpayer bailout to fund all those pension and healthcare benefits. Yep, Yep.....
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ReplyDeleteCrux of their problem is congressional mandate that they pay for retiree health and/or pension costs for 75 years out from current revenues. Since it was put in place it has skewed the financials.
Add in email causing posted mail volume to drop and the problem worsens.
Just explaining; no ties to them except buying stamps.
Can't remember the last time I bought a stamp. Pay everybody online. I hear some years back the buggy whip industry failed.
ReplyDeleteSo if the postal service is losing money because prices are too cheap and the taxpayer has to make up the difference does that mean that junk mail is Federally subsidized?
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