USPS loses $15.9 billion

[dsummoner]

Source:

The U.S. Postal Service said its net loss last year widened to $15.9 billion, more than the $15 billion it had projected, as mail volume continued to drop, falling 5 percent. Without action by Congress, the service will run out of cash on Oct. 15, 2013, after it makes a required workers compensation payment to the U.S. Labor Department and before revenue typically jumps with holiday-season mailing, Chief Financial Officer Joe Corbett said today.

Sounds like labor, a mere cost of production, mischief.

Next year’s loss forecast includes a $5.6 billion payment due to the U.S. Treasury for future retiree health benefits, Corbett told reporters after the meeting. The 2012 loss includes the $5.6 billion payment to the fund that the service defaulted on Sept. 30, and the previous year’s $5.5 billion obligation that was due Aug. 1 and also not paid. Because that year’s payment was deferred, the 2011 loss doesn’t include any pre- funding amount.

Allopathic looting on top of so-called labor. Carry on into insolvency.

[BlandFood]

Time to dissolve and give it to UPS.

[dsummoner]

The service’s outlook worsened this week, when the U.S. Office of Personnel Management said the service’s projected surplus in a government-worker retirement account has fallen to $2.6 billion, less than one-quarter of the previous year’s estimate, due to lower interest rates. It found another retirement account now has a $17.8 billion shortfall instead of a previously estimated surplus. The service has proposed tapping the surpluses to help cover its losses.

ZIRP! That they would fail to account for 'The Bernank' and ZIRP/QE ad infinitum just adds to the comedy and incompetence.

[AttackPlanR]

Now Dsumm, if the USPS goes belly up who is going to deliver your welfare check to Chateau Doublewide Pointe?

[dsummoner]

Now Dsumm, if the USPS goes belly up who is going to deliver your welfare check to Chateau Doublewide Pointe?

JPMorgan through direct electronic transfer.

But they don't have a JPMorgan in Loveland, do they?

[MithrilKnight]

Twisted government accounting behind Postal Service woes
You might have heard that the United States Postal Service is in trouble: that it's losing billions, that it will have to end Saturday service and close branches — ...
In fact, it's the Postal Service that’s currently bailing out the U.S. government. Politicians have been raiding Postal Service revenues for years, using them to make the federal deficit appear smaller than it really is. The fiscal gyrations are so twisted that the Postal Service is right now forced to pre-pay health care benefits for employees the agency hasn't even hired yet — in fact, for many future employees who haven't even been born yet — all to artificially shrink the federal deficit.
It's these crushing accounting tricks, not the cost of delivering mail, that has pushed this 200-year-old institution to the brink....
the Postal Service is being forced to pre-pay health benefits for the next 75 years during a 10-year stretch.

[emphasis mine]

I know you Righties generally trust your feelings and emotions and your "gut" over facts and evidence, but maybe this time will be different.

You know us Lefties, always hopeful.

[dsummoner]

I know you Righties generally trust your feelings and emotions and your "gut" over facts and evidence, but maybe this time will be different.

You know us Lefties, always hopeful.

The 'twisting' is the socialistic 'health benefits' twisted beasting and feasting when it comes to gub'met employees as well as the USPS. Now, even the Libbies, with their knickers in a twist, know.

One can thank the 'unions' of so-called labor and their enablers. The answer to any bailout should be 'hell no.'

[MithrilKnight]

...

...
The answer to any bailout should be 'hell no.'

Agreed!!

The USPS should stop bailing out the military industrial complex. If the Gub'mint stops raiding the USPS for deficit reduction, they'll be in the black.


I'm sure the FACT that the USPS pays for it's own retirement and health benefits, and the FACT that that doesn't come from taxes or your pocket, has sunk in?
Or are you still all worked up over Obama winning and angry and looking for someone else to hate?

(You hate unions, hate "employees", hate "takers", hate the plumber, hate the gardener, hate the postal worker, hate hate hate... hate is the gate to hell. Or do you hate God too?)

[dsummoner]

Agreed!!

The USPS should stop bailing out the military industrial complex. If the Gub'mint stops raiding the USPS for deficit reduction, they'll be in the black.

With US foreign policy being what it is there is no chance that Obama won't kill every man, woman and child in Iran if he has to in order to ensure that you can have the fuel to operate ya'r hooptie or ride in the mobile rape rooms known as mass transit.

I'm sure the FACT that the USPS pays for it's own retirement and health benefits, and the FACT that that doesn't come from taxes or your pocket, has sunk in?
Or are you still all worked up over Obama winning and angry and looking for someone else to hate?

Hint: the USPS is not paying for the looting of its grubs... hence, the $15.9 million billion in the red position.

Fact: the USPS is seeking 'Congressional action.' What does this include you might ask (let us go back to April)?

Enter Ron Bloom, Lazard, and the very same crew that ended up getting a taxpayer funded bailout for GM. From the WSJ: "The Postal Service's proposal to close thousands of post offices and cut back on the number of days that mail is delivered "won't work" and would accelerate the agency's decline, according to the six-page report by Ron Bloom, President Barack Obama's former auto czar, and investment bank Lazard Ltd., LAZ who were hired by the union in October.

The union hiring a crony? A shock! Now what is this other option business?

At least this bailout plan came in 6 pages, as opposed to the 3-page one penned by Hank Paulson. Yet the kicker is that the "other option" is well-known: taxpayers get to fund another wholesale bailout of yet another worthless, ineffective government organization. But hey: there are hundreds of thousands of labor union votes, pardon, jobs to be saved.

Obama, Romney... no real difference and of little consequence to me outside of pillorying the messiah complex Libbies into fits of apoplectic rage.

(You hate unions, hate "employees", hate "takers", hate the plumber, hate the gardener, hate the postal worker, hate hate hate... hate is the gate to hell. Or do you hate God too?)

I take issue with those that force themselves into my pockets (they hate the fact that some can have fiscal success and this hate, coupled with their covetous avarice results in an attempted orgiastic and gluttonous rapine). I can always make the choice not to do business with those that hire union so-called labor in the actual private sector. When it comes to gub'met and those that collude with gub'met, the 'representatives' are nothing more than fluffers for the unions of so-called labor that go the extra mile to hold down those in the actual private sector for extra rapine. As far as hell and mythological beasties go... good for story time and for slaying in AD&D but of no relevance here.

[overtaxed]

Time to dissolve and give it to UPS.

Considering that the cheapest ups delivery is about ten times the postal rate. Well I am sure the post office could fix all its troubles with a rate increase of that amount.