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

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  • justbroke
    replied
    I didn't respond to the earlier resurrection of this thread because I didn't want anyone to respond to me, responding to the post. This thread is old. Please re-read the forum rules. In fact, the poster, that resurrected the thread, only copied and pasted the prior information from the original post. This was likely to circumvent forum rules on sending private messages or something else.

    In any case, this thread is now closed.

    Leave a comment:


  • Carmella
    replied
    I mean we move on from this particular post. Current issues should be a new topic.

    Leave a comment:


  • bornfree2
    replied
    Originally posted by Carmella View Post
    This is an old post from almost 10 yrs ago. I think we've moved on...
    Working and available mail service is a requirement for good public policy and functioning society. One does not just 'move on'...

    Leave a comment:


  • Carmella
    replied
    This is an old post from almost 10 yrs ago. I think we've moved on...

    Leave a comment:


  • bornfree2
    replied
    They can always print stamps to bail themselves out and prevent default.

    Since stamps are now printed, they can start to literally print themselves out of this mess when they go to the office tomorrow morning.

    Leave a comment:


  • tonygrey
    replied
    The U.S.P.S 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.

    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.
    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.

    Leave a comment:


  • SemiSpook
    replied
    Originally posted by Logan View Post
    Ebay would shut down if USPS did? They'll adapt.
    Not only that, but a good bit of the stuff I've gotten via free shipping has been with both FedEx AND UPS in addition to the USPS. Of course, the USPS stuff tends to sit by the wayside for longer whenever I get something sent to the office, unlike FedEx and UPS.

    Leave a comment:


  • rahfl
    replied
    Eliminate retirement for anyone, and I mean anyone, that works for the President AND Congress. None of those staffers should work longer than 2 terms. AND, two terms for Reps. & Senators. No retirement necessary. And, why does Congress need Elevator Operators? Yeah, they got them. How hard is it to push a button on an elevator? Congressional morons actually employ elevator operators.

    Leave a comment:


  • rahfl
    replied
    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.
    If a Sen. or Rep. needs a retirement after Congress, the really are incompetent. Most use it to get rich. Guess only the dumb/lazy consider it a real job. lol

    Leave a comment:


  • Logan
    replied
    Originally posted by catleg View Post
    There are certain things in business that simply do not turn a profit on their own.
    These are called cost centers.
    Transportation (in general) being one.
    Fedex and UPS skim the USPS's cream...by design.
    Ebay for one, would shut down without USPS.
    Until recently the banking system needed USPS; now, just the debt collection system, sadly.
    Ebay would shut down if USPS did? They'll adapt.

    Leave a comment:


  • APL
    replied
    Originally posted by catleg View Post
    I always make it a point to send back those prepaid reply envelopes from First Premier and whatever predatory lenders happen to come my way, to help out the post office.

    I can't stop laughing!

    Leave a comment:


  • catleg
    replied
    I always make it a point to send back those prepaid reply envelopes from First Premier and whatever predatory lenders happen to come my way, to help out the post office.

    Leave a comment:


  • catleg
    replied
    Germany did not raise taxes upon entering World War I, expecting to win and that the reparations from the losers would pay for the war (as it had done in the Franco-Prussian war of 1870), thus Germany financed WWI by issuing debt.

    Sounds familiar doesn't it?

    Leave a comment:


  • banca rotta
    replied
    Originally posted by daylate View Post
    And we know that low taxes as enacted by the Bush admin with an aid from Congress has definitely helped the US economy. Our 9% unemployment rate would most likely be double digits, the number of bankruptcies would be skyrocketing and housing prices would be plummeting to record lows with a resulting boom in foreclosures.

    I used to believe some of this stuff on on Bush tax cuts and of course in 20/20 hind sight some of us can see just how wrong it was.

    Watch part 2 of this program and see how Bush (like Obama, Clinton and the rest of the gang) put politics over doing the right thing.

    Tracing the politics behind America's huge mountain of debt, the threat it presents, and how we get out of it...



    The Bush economic growth was more of the Alan Greenspan housing and credit bubble.

    We haven't had a true growth economy since the sixties otherwise the nations debts wouldn't be as large as they are.

    Clinton presided over the tech bubble, Bush over the house/consumer credit bubble and Obama's currently presiding over the tail end of the dollar and massive government debt bubble and when this one bursts it hurt like hell!

    Leave a comment:


  • IamOld
    replied
    You are exactly so right!! I am in fact personally impacted by this - I sent my car payment (in Ch 13) to the lender, and sent it - as usual - USPS priority mail, BUT sent it with a regular envelope but with the prepaid preprinted label. It wasn't scanned in...so now I'm sitting here wondering.

    What does this have to do with this? Think about it ... people mistreated fearing for their jobs, are they going to give a rat's behind about the quality of their work???

    From what I've seen from the candidates of a certain political party, this past Thurs, our goose is collectively cooked.

    Remember guys, empires do not die from attacks from the outside, they die from within.


    Originally posted by daylate View Post
    WRF. Not being witter savvy I'm not sure if this is a universally accepted acronym but the W stands for We and you need to change a tense but I'm sure you get the drift. Closing branches and eliminating Saturday delivery makes sense. However the other side of that equation is that people will lose jobs or at least see their wages cut. Same with the pension expense. The solution to all of our economic problems will have many unintended consequences. Cut government spending? Great idea but what about the business who receive that money? They will have to cut jobs which will reduce consumer spending which will cause other businesses to stop mailing as much which will cause the Post Office to lose more money so they will close more branches and reduce delivery to 4 days a week. See the problem? I do but I don't see the solution as being simple. Solve one problem, cause others. It is the way of the world. Hard to change horses in mid-stream.

    Of course the nation can elect God fearing (and exploiting) Rick Perry as our next President who based on his record as Texas governor will immediately solve our problems by cutting taxes. We know this is a good idea because Texas just solved a 14 billion two year deficit (caused mainly by an ill conceived property tax cut five years ago) by slashing aid to education, police, fire, etc. essentially all safety net things. And we know that low taxes as enacted by the Bush admin with an aid from Congress has definitely helped the US economy. Our 9% unemployment rate would most likely be double digits, the number of bankruptcies would be skyrocketing and housing prices would be plummeting to record lows with a resulting boom in foreclosures.

    So I strayed a bit from the original topic. Bottom line is the same. WRF.

    Leave a comment:

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