USPS will NOT be able to make $5.5Billion payment this Friday due to low cash flow!!!

[S2007S]

What else is new, USPS cant make its $5,000,000,000 dollar payment due this Friday....think about how many more losses the USPS is going to run up in the next decade as mail becomes obsolete, yes I said obsolete, everything is going paperless, I have a company that completely stopped sending me bills in the mail, everything is done over the internet and thats what every company wants to do, companies now are telling you to sign up for automatic pay, you can even pay bills using your smartphone, so as mail volume continues to drop the USPS will run into more debt.....


Post office losses mount to $5.1 billion last year
US Postal Service loses $5.1 billion and faces default this week as financial woes mount
APBy Hope Yen, Associated Press | AP – 2 hours 7 minutes ago



WASHINGTON (AP) -- The U.S. Postal Service says it lost $5.1 billion last year as a weak economy and increased Internet use drove down mail volume.

The bleak financial report for the fiscal year ending Sept. 30 was not as high as the $10 billion in losses previously estimated. But that's because an annual payment of $5.5 billion the post office owed the federal government has been deferred to a later date.

Postal officials called the financial situation "dire." They say the Postal Service will not be able to make the $5.5 billion payment due this Friday due to low cash flow.

Postmaster General Patrick Donahoe has warned of a postal shutdown next year unless there is congressional action to address the agency's long-term money problems.

 

[Lucrum]

Quote from S2007S:

Postmaster General Patrick Donahoe has warned of a postal shutdown next year...

Let them shut down.

 

[S2007S]

Quote from Lucrum:

Let them shut down.

Its all talk and no action, they are just doing this so they can get a reaction, maybe they will receive some bailout money like the rest of them, thats usually the case, reward failure is the new motto!!! They arent going to shut down, I would give it a 0.09% chance of it happening....

 

[PocketChange]

nah.. nationalize the banks and insurance companies and combined them with the post offices. just like most of the rest of the world.

 

[sledgeyum]

They dont need or want a bailout.

Just remove the pension prefunding that was put into place by congress ..

Quote from S2007S:

Its all talk and no action, they are just doing this so they can get a reaction, maybe they will receive some bailout money like the rest of them, thats usually the case, reward failure is the new motto!!! They arent going to shut down, I would give it a 0.09% chance of it happening....

 

[bigarrow]

Quote from sledgeyum:

They dont need or want a bailout.

Just remove the pension prefunding that was put into place by congress ..

You shouldn't confuse the excitable non thinkers here with facts. This is the only excitement they get in life is bitching and moaning.

 

[Mercor]

Quote from sledgeyum:

They dont need or want a bailout.

Just remove the pension prefunding that was put into place by congress ..

If the post office wants to compete with Fed-Ex and UPS for overnight service they need to play by the same rules. That means having to fund future obligations with current accounting.

Only in Government can you short pay pension funds and hope someday the money shows up.

If the USPS wants to go back to its monopoly of first class mail and not compete against private business then they can "cheat "on their pension set asides.

In the meantime they need to play with the same rules as the Government holds for private business.

 

[brownsfan019]

1) Go to mail delivery 3 days a week
2) All mailboxes must be at end of driveway (no more paying a walking mail carrier)
3) If you live in rural area, must go to a central location to pick up your mail at your convenience
4) Cut staff needed dramatically

Start there & when people are used to 3 days a week, you can go to 2, then 1 and finally get rid of it at some point.

 

[SomeYoungGuy]

lol What's a "Post Office"?

My wife has everything electronic. We get nothing in the mail except credit card adverts, birthday cards for the kids and Xmas cards.

Utility bills come in an email and are paid online, bank statements are reviewed online. When was the last time you got mailed an actual airline ticket? ha!

We could go to mail once every other month and it would affect my household not at all.

There's a half million well paid baby boomers that are all about to retire with fat union pension benefits, and the ass just fell out of their business model. Guess who gets to bail them out!

 

[Vinny1]

Quote from brownsfan019:

1) Go to mail delivery 3 days a week
2) All mailboxes must be at end of driveway (no more paying a walking mail carrier)
3) If you live in rural area, must go to a central location to pick up your mail at your convenience
4) Cut staff needed dramatically

Start there & when people are used to 3 days a week, you can go to 2, then 1 and finally get rid of it at some point.

We still need a walking mail carrier to deliver to apartments, businesses, and condos.

If the post office went to 1, 2, or 3 days a week, it would affect Netflix DVD deliveries. Currently, Netflix does not have all of their movies available for streaming.