Postal Service Is Nearing Default as Losses Mount

[reghakr]

The United States Postal Service has long lived on the financial edge, but it has never been as close to the precipice as it is today: the agency is so low on cash that it will not be able to make a $5.5 billion payment due this month and may have to shut down entirely this winter unless Congress takes emergency action to stabilize its finances.

Read Full Story: http://www.nytimes.com/2011/09/05/b...les-to-stay-solvent-and-relevant.html?_r=3&hp

 

[JadeAllen]

The U.S. Postal Service, facing insolvency without approval to delay a $5.5 billion payment for worker health benefits, will suspend contributions to an employee retirement account to save $800 million this year.

 

[whoosh]

The United States Postal Service has long lived on the financial edge, but it has never been as close to the precipice as it is today: the agency is so low on cash that it will not be able to make a $5.5 billion payment due this month and may have to shut down entirely this winter unless Congress takes emergency action to stabilize its finances.

Read Full Story: http://www.nytimes.com/2011/09/05/business/in-internet-age-postal-service-struggles-to-stay-solvent-and-relevant.html?_r=3&hp

Sorry to hear that. Big welcome back ( reghakr )

 

[Pauli]

There is no reason why public services should be more inefficient or out-of-profit, compared with private services. The same amount of people do the same amount of work, and no economic law says they must fail - just because they are public.

Like we say in Finland, It's all between your ears. I find it astonishing and abhorring that politicians and other decision makers don't pay attention to facts. We also have a remaking of postal services, meaning far out residents can't get service, as well as elderly people are more or less left alone. Sounds like the principle Let's kill the poor and needy, and we'll save the cash. Blaah.

 

[Pauli]

A tendency I have is, to go too far... but the syndrome is, in total:


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