$5.5 billion Postal Service default won't stop the mail

[koalabear]

Neither rain, nor heat, nor gloom of night -- nor, apparently, a $5.5 billion default -- will keep the U.S. Postal Service from moving the mail.

The agency confirmed Wednesday that it has defaulted on a payment, mandated by Congress, to a health benefit trust fund managed by the Treasury. The agency said it will miss a similar payment due Sept. 30.

The default will have “no material effect” on its operations, according to a Postal Service spokesman.

Those losses are almost entirely the result of the now-defaulted “pre-funding” requirement for retiree health insurance and other accounting charges, according to Ron Bloom, an investment adviser at Lazard who has advised the Postal Service on restructuring.

“No other company in America, public or private, has that obligation,” he said. “The Postal Service is losing about $75 million a month from delivering the mail. That's a problem, but a different problem than the billions we hear about. If we raise the price of a stamp by half a penny, they would be breaking even.”


http://economywatch.nbcnews.com/_ne...ostal-service-default-wont-stop-the-mail?lite

 

[amicus]

Government is a growth industry, always has been, always will be.

You can't stop it by votes of legislation, the mid level bureaucrats just find a way around any law that is pased and t he growth continues.

That is not just distant rhetoric, I covered and reported on government agencies, local, state and federal for many years and I know how the game is played and they, the government, never lose.

A revolt, a refusal to obey NObama or whomever, refusing all that they demand, taxes, regulations, quota's, limits, I have an upcoming book that suggests how we can bring government, at all levels, to its knees without any act of violence.

Amicus

 

[mercury14]

The Postal Service can't become fiscally solvent again without Congress taking action. They can't stop Saturday delivery, they can't stop the insane funding of pensions 30 years in advance, they can't put more of their pension funding on workers, and they can't change the price of postage without Congress legislating it.

Congress is doing almost nothing because it can't agree on what to do. Amicus is stupid - the USPS has shed like 140,000 workers to cut costs. It's shrunk far more than any private company has.

 

[JAMESBJOHNSON]

What mail?

 

[4est_4est_Gump]

What mail?

Dominoes coupons...



:nods: