United States Postal Service, Like United States, is Broke

By Nick Greene Sun., Aug. 7 2011 at 3:56 PM

It was either Cliff or Newman, and I chose Cliff. Deal with it.

The U.S. Postal Service reported a $3.1 billion quarterly loss on Friday and, at its current financial decline, won't be able to make the $5.5 billion payment for its retirement fund due next month. Politico reports that unless Congress wants to waive its fee, the United States Postal Service will default on its payment obligations. Quick, print out this story and mail it to yourself, the post office needs your help!

The postal service has faced a sharp drop-off in revenue in the past two decades as Americans have eschewed letters in favor of email. In other breaking news, Pangaea separates, dinosaurs die and the eighth season of Dallas is all a dream.

Still, the USPS has taken measures to stay alive (or, as some would see it, fight the inevitable). They have done or are planning to do the following:

Reduced work hours by 3.1% in total over the third quarter
Accepted the voluntary retirement of 1,850 administrative employees
Plan to identify 3,700 underutilized post offices and shutter them
Plan on shifting services to local retailers
Finally introduce a series of stamps commemorating the 20th anniversary of Home Improvement (May just be something we want so bad we've convinced ourselves is true)

The fate of the United States Postal Service's retirement fund, as well as perhaps the fate of the United States Postal Service itself, rests in the hands of Congress.

Don't worry, USPS, they've never messed anything up before.

Postal Service could default on government payments [Politico]

[@nickgreene]

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Denise

Here's what the Postal Service ought to do: Unless it's artifacts - don't actually mail anything. Just open up the letters, scan them, email the scans to their proper destinations & deliver these scans instead of the actual letters themselves. What do you think?

Jimmyquick66

I am A City Carrier. "Mailman" I and my piers do the best job we can. I do believe that the USPS needs to reform to meet the needs of the times. I also believe that if you don't like the service or the parcel delivery you should go to Fed Ex or UPS, oh but they don't deliver to every address every day. I understand that no one every makes mistakes in there own jobs but their mail carriers screws up everyday at every address. I apologize for my short comings but I am still at your address six days a week to pick up or drop off that letter or package that someone cared enough to send you so please give me a break. Sincerely Your Mailman.

oldy22

Can never complain since my bill always arrive on time. I do beleive they need to cut Saturday delivery. They also need to close low producing post offices. They are a bit top heavy and that hurts. The carriers work their legs off and are always moving. By cutting Saturday out they will eliminate the extra people needed to operate 6 day delivery service.

HOW ABOUT HIRING *** AMERICANS, *** WHO CAN READ AND SPEAK AND UNDERSTAND ENGLISH ! AND THEY HAD TO TAKE A TEST TO BE THIS DUMB ?

oldy22

This is where congress makes them follow rules on hiring. They also have Unions who step in and set policy on who does what.. Try doing something thats not your job and the union will be on you.

BOO F==KIN WHO. THEY CONSTANTLY DAMAGE MY MAIL IN THEIR MACHINE .( 9 YEARS NOW .) LOSE PACKAGES , SEND ONE PACKAGE BACK EVEN THOUGH THERE ARE 2 60+ YEAR OLDS, 2 95+ YEAR OLDS AND A HOME ATTENDANT AT MY FRIENDS HOUSE. NOT SMART ENOUGH TO JUST LEAVE IT. TOOK A MONTH AND A HALF FOR THEM TO RETURN IT TO ME SO IT HAD TO BE HANDLED AGAIN UNESSARILY, AND THEY SAY THEY'RE LOSING MONEY ! JUST LIKE OUR GOVERNMENT !

Brokenwings012001

Pathetic..

Randy Foreback

This part of your statement is totally incorrect.

"won't be able to make the $5.5 billion payment for its retirement fund due next month."

The annual $5.5 Billion payment is to build a fund to pay for FUTURE retiree health benefit obligations. Both retirement funds that the USPS pays into are OVER-funded by some $59-$84 Billion. USPS has already suspended payments into the FERS, overfunded by more than $9 Billion to save about $800 Million by September 30th.

I do agree with your statement that Congressional meddling is going to make things worse. Look at what all has happened in the past 5 years at the hands of Congress. That ridiculous $5.5 Billion annual payment to fund benefits for retired Postal Workers that aren't even born yet.

VickNoo

I feel a major postal rate hike in the works. Break out the Vaseline.

www.anon-web.it.tc

Randy Foreback

Rate increases on mail classes that are protected by the postal monopoly are capped at the rate of inflation.

Stu0617

Another reason for USPS decline is the abysmal service from many letter carriers and post office employees. Their work is extremely slow (mail delivered late many days and the horrendous service in post offices). USPS should try to eliminate the poorly performing workers to save money.

Former NewYorker

''Don't worry, USPS, they've never messed anything up before.'' LOL. USPS, lost four of my mail's payment to credit card companies and I got hit with late fees and my rent payment to my landlord got lost too (I had to wait sixty days to get reimbursed). I moved on to online banking( two years ago, my landlord doesn't have online payment system. Bottem line is Efficiency & Accoutability for USPS to stay Alive as a Public Service.