Post office faces cash shortage by end of year

[WestVirginiaRebel]

Yahoo News:

WASHINGTON – The Republican-controlled House opened the envelope of postal finances on Wednesday and what it pulled out wasn't pretty.

Unless things change, the post office will run out of money by the end of the fiscal year in October, Postmaster General Patrick R. Donahoe told the House Oversight subcommittee on the postal service.

Donahoe said that as of Sept. 30 his agency will owe the federal government a payment of $5.5 billion to fund medical costs, in advance, for future retirees, and in November it will need to make a $1.3 billion payment for worker's compensation.

"The Postal Service will not have the cash available to make both of these payments. We need legislation this year to address that fact," he said.

If it does come down to crunch time, said Donahoe: "We will deliver the mail." Employees will be paid, as will suppliers, he said. "The thing we will not do is pay the federal government."

Without some important changes to the law the post office "cannot survive as a self-financing entity," Donahoe said.
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The postal service has had a long and honorable tradition in American history. Unfortunately, it may have finally outlived its usefulness for most of what it does.

[SrWoodchuck]

This is one area that can be cut. Sell it. Private enterprise not only does it better......it continues to take money away from the USPS. I thought they were making some inroads to be competitive, but pricing makes all the difference & they just can't do it with their legacy costs. As much as I like my rural mail carrier.......it's time to for them to go.

 

 

PS: This needs to be done carefully........they have guns now & some are quite touchy.

[Sanguine]

But, but, who will deliver all of my junk mail?

[SrWoodchuck]

But, but, who will deliver all of my junk mail?

Sanguine!

 

The comic, Gallagher, suggested letting missionaries from the Church of Latter Day Saints hand out the mail,because:

 

"They're going to go to every d**n door anyway!"

[Sanguine]

But, but, who will deliver all of my junk mail?

Sanguine!

 

The comic, Gallagher, suggested letting missionaries from the Church of Latter Day Saints hand out the mail,because:

 

"They're going to go to every d**n door anyway!"

 

I like it!