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

[rahfl]

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

[rahfl]

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.

[SemiSpook]

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.

[tonygrey]

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.

[bornfree2]

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.

[Carmella]

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

[bornfree2]

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'...

[Carmella]

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

[justbroke]

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.