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USPS posts $3.1 billion loss in Q3, warns of default

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  • USPS posts $3.1 billion loss in Q3, warns of default

    Fri, Aug 5, 2011

    WASHINGTON (Reuters) - The U.S. Postal Service posted a net loss of $3.1 billion in its third quarter and warned again it would default on payments to the federal government if Congress did not step in.

    Total mail volume for the quarter that ended June 30 fell to 39.8 billion pieces, a 2.6 percent drop from the same period a year earlier, as consumers turn to email and pay bills online.

    The mail carrier, which does not get taxpayer funds, has struggled to overhaul its business as mail volumes fall. It has said personnel costs weigh heavily and is facing a massive retiree health benefit prepayment next month.

    "We are experiencing a severe cash crisis and are unable to continue to maintain the aggressive prepayment schedule," Joseph Corbett, the agency's chief financial officer, said in a statement.

    "Without changes in the law, the Postal Service will be unable to make the $5.5 billion mandated prepayment due in September."

    Congress, which last week ended a vitriolic debate about the U.S. government's debt levels and budget deficit, is now in recess until early September.

    USPS cut work hours during the quarter by 3.1 percent compared to the previous year, when quarterly net losses were $3.5 billion.

    The Postal Service said it lost $5.7 billion during the nine-month period ended June 30, compared to $5.4 billion in the same period of 2010.

    In its fourth straight year of declines, the agency had a net loss of $8.5 billion for the 2010 fiscal year.

    Despite the overall losses, USPS said shipping and standard mail saw growth in the third quarter, with revenues up 7.3 percent and 1.7 percent respectively. Packaging services revenue rose 3.2 percent.

    Postal officials have called for Congress to change the way USPS operates, saying it needs more flexibility to close failing post offices, cut Saturday delivery and raise rates.

    The agency is studying about 3,700 of its 32,000 post offices, stations and branches for possible closure. Officials plan to replace post offices by contracting with private retailers to sell stamps, offer shipping and provide other postal services.

    http://news.yahoo.com/usps-posts-3-1...145707721.html
    The essence of freedom is the proper limitation of Government

  • #2
    Boy this just keeps getting better and better. These guys in DC have no clue what they are doing.

    I love the part "If Congress did not step in". What can Congress do??? They were just downgraded and now they have to fund the money losing post office.

    You can't make this stuff up!
    The essence of freedom is the proper limitation of Government

    Comment


    • #3
      we have a hollow economy...period...

      Comment


      • #4
        The USPS has been a burden for some time now. Congress needs to take an aggressive stance on this one. You just can't lost (an estimated) $9B a year and stay in business... unless you have significant cash reserves. The problem is their retirement system.

        Looks like a bailout of the USPS (retirement system) is coming soon! Mark my words... it will be to save the USPS retirement system. USPS isn't going to get by with reducing service to 5-days.
        Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
        Status: (Auto) Discharged and Closed! 5/10
        Visit My BKForum Blog: justbroke's Blog


        I am not an attorney. Any advice provided is not legal advice.

        Comment


        • #5
          BUt, I think the question is this - is the USPS a universal utility or a business? Let me also throw this in here - over $800 BILLION for the pentagon...

          Comment


          • #6
            Originally posted by IamOld View Post
            BUt, I think the question is this - is the USPS a universal utility or a business? Let me also throw this in here - over $800 BILLION for the pentagon...
            Yeah, but the Pentagon is a universal utility!
            Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
            Status: (Auto) Discharged and Closed! 5/10
            Visit My BKForum Blog: justbroke's Blog


            I am not an attorney. Any advice provided is not legal advice.

            Comment


            • #7
              If the USPS defaults, what will happen?

              Will it get rid of the retirement plans?
              Golden Jubilee was a year-long celebration held every 50 years in which all bondmen were freed, mortgaged lands were restored to the original owners, and land was left fallow: Lev. 25:8-17

              Comment


              • #8
                Originally posted by justbroke View Post
                Yeah, but the Pentagon is a universal utility!
                But does it need almost one TRILLION dollars a year? DOes it need 700 plus military bases around the world??? Is that economically productive???

                Comment


                • #9
                  Originally posted by banca rotta View Post
                  Boy this just keeps getting better and better. These guys in DC have no clue what they are doing.

                  I love the part "If Congress did not step in". What can Congress do??? They were just downgraded and now they have to fund the money losing post office.

                  You can't make this stuff up!
                  It's assinine to blame it on Congress. USPS was not able to compete with the competition. Not to mention texting and e-mail took away a lot of business. It was bound to run into financial trouble.

                  It is good that they are reviewing which branches they can close. They can start where I live. I live in a town that the only difference from the next town is the zip code. We have the same mayor, the same municipal court. We just have two post offices. We don't need that many.

                  And, again, this goes to how the USPS is being run and not Congress.

                  Comment


                  • #10
                    Originally posted by helpmeout View Post
                    It's assinine to blame it on Congress. USPS was not able to compete with the competition. Not to mention texting and e-mail took away a lot of business. It was bound to run into financial trouble.

                    It is good that they are reviewing which branches they can close. They can start where I live. I live in a town that the only difference from the next town is the zip code. We have the same mayor, the same municipal court. We just have two post offices. We don't need that many.

                    And, again, this goes to how the USPS is being run and not Congress.

                    As usual you twist things around that I say. I know exactly how the PO got where it is.

                    It got their for the reasons you mentioned plus I read somewhere they have about 650 thousand employees they have to pay and about 350 retirees they have to pay.

                    My point is the bankrupt post office is asking the bankrupt US congress to step in.

                    Since you are correct in why they are bankrupt exactly what can congress do to help is my point? The only thing I can think of is to break a lot of the contracts which will bring about a lot of legal challenges. Or the more likely congressional action will be to bail them out (IE tax and print money to pay the failing PO).
                    The essence of freedom is the proper limitation of Government

                    Comment


                    • #11
                      There are many things the USPS could do to trim costs to an acceptable level. If they go belly up and default you can almost bet a good portion of those employees might lose there pensions and then will be forced onto welfare. They can go down to a 3-days home delivery from the current 6 days. They can also triple the fee for delivering all the damn spam mail. They can double the price of 1st class postage. I wonder what the management to hourly worker ratio is, I am certain you can trim the fat on both sides. They can really trim future benefits costs by having newly hired employees covered under a more manageable benefit package. I certainly don't think it is prudent to blame the current workers pay/benefits when that is what they signed up for. I hate to say it but until our own congressional and house reps decide to take paycuts and give up their retirements they have no business taking away from others.

                      Comment


                      • #12
                        Should I give my mailman my recipe for air steak and air wine?
                        Golden Jubilee was a year-long celebration held every 50 years in which all bondmen were freed, mortgaged lands were restored to the original owners, and land was left fallow: Lev. 25:8-17

                        Comment


                        • #13
                          Originally posted by Meatstick View Post
                          There are many things the USPS could do to trim costs to an acceptable level. If they go belly up and default you can almost bet a good portion of those employees might lose there pensions and then will be forced onto welfare. They can go down to a 3-days home delivery from the current 6 days. They can also triple the fee for delivering all the damn spam mail. They can double the price of 1st class postage. I wonder what the management to hourly worker ratio is, I am certain you can trim the fat on both sides. They can really trim future benefits costs by having newly hired employees covered under a more manageable benefit package. I certainly don't think it is prudent to blame the current workers pay/benefits when that is what they signed up for. I hate to say it but until our own congressional and house reps decide to take paycuts and give up their retirements they have no business taking away from others.
                          Right on!

                          Comment


                          • #14
                            Changing the mail delivery from 6-days to 3-days will take an act of Congress. It's not going to happen. I still bet that they will need to take a SERIOUS look at the pensions. Their problem has mostly been their UNFUNDED pension and the mandate to get it funded.

                            I don't blame USPS for having an underfunded pension. I can't tell you how many municipalities (and States) have operated for YEARS with underfunded pensions. Some of them, actually funded their pensions from the operating budget!!! Talk about ineffective management.
                            Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
                            Status: (Auto) Discharged and Closed! 5/10
                            Visit My BKForum Blog: justbroke's Blog


                            I am not an attorney. Any advice provided is not legal advice.

                            Comment


                            • #15
                              Originally posted by Meatstick View Post
                              There are many things the USPS could do to trim costs to an acceptable level. If they go belly up and default you can almost bet a good portion of those employees might lose there pensions and then will be forced onto welfare. They can go down to a 3-days home delivery from the current 6 days. They can also triple the fee for delivering all the damn spam mail. They can double the price of 1st class postage. I wonder what the management to hourly worker ratio is, I am certain you can trim the fat on both sides. They can really trim future benefits costs by having newly hired employees covered under a more manageable benefit package. I certainly don't think it is prudent to blame the current workers pay/benefits when that is what they signed up for. I hate to say it but until our own congressional and house reps decide to take paycuts and give up their retirements they have no business taking away from others.

                              I totally agree!!!! This is what I have always been saying about bank bailouts and bonuses and you can also add politician salaries and other benefits.

                              A major problem in the western world are retirement pay and benefits period! Just as I mentioned the PO has 650k full time workers and 350k retirees. What happens when they have 350k workers and 650k retirees and even less first class mail???

                              The problem is how can we ask our citizens and workers to make concessions when congress always gets a pay raise and always gets medical and retirement benefits.

                              The answer is no one rightfully so will make any concessions for those reasons so the bankruptcy of the US followed by a greater depression then before will automatically do it for us.
                              The essence of freedom is the proper limitation of Government

                              Comment

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