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18%  
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  • Postal Service Faces $100B in Debts and Unfunded Benefits

    03/14/2014 7:29:09 PM PDT · by Olog-hai · 42 replies
    Cybercast News Service ^ | March 14, 2014 - 4:23 PM | Michael W. Chapman
    The U.S. Postal Service (USPS) currently owes $99.8 billion in benefit payments to its current and retired workers but does not have the money, and if Congress does not act to fix the problem, the Postal Service may have to “implement contingency plans to ensure that mail delivery continues,” according to a new report by the Government Accountability Office (GAO). “At the end of fiscal year 2013,” said the GAO, “USPS had about $100 billion in unfunded liabilities: $85 billion in unfunded liabilities for benefits, including retiree-health, pension, and workers’ compensation liabilities, and $15 billion in outstanding debt to the...