Posted on 11/15/2011 2:19:21 PM PST by bestintxas
The U.S. Postal Service released its annual financial results on Tuesday, and they're nothing to write home about.
The agency reported an annual loss of $5.1 billion, as declining mail volumes and mounting benefit costs take their toll. The Postal Service said its losses would have been roughly $10.6 billion if not for the passage of legislation postponing a $5.5 billion payment required to fund retiree health benefits.
PrintCommentRevenues from First-Class Mail, the Postal Service's largest and most profitable product, declined 6% from the previous fiscal year to $32 billion. Total mail volume declined by 3 billion pieces, or 1.7%.
"The continuing and inevitable electronic migration of First-Class Mail, which provides approximately 49 percent of our revenue, underscores the need to streamline our infrastructure and make changes to our business model," Postal Service CFO Joe Corbett said in a statement accompanying the figures.
Postmaster General and CEO Patrick Donahoe said in the statement that the Postal Service must reduce its annual costs by $20 billion by the end of 2015 to return to profitability.
Last year's losses hit $8.5 billion, despite deep cuts in expenses and staffing. Mail volume is down more than 20% over the past four years.
(Excerpt) Read more at money.cnn.com ...
the solvency of their retirement fund is their responsibility
in case you have not noticed - this crap is sinking the cities and states
screw them - close it down - let the greedy union idiots starve
With the service they provide me, I’m not surprised. Some days I get mail and other days they send it back to the sender for no reason at all. No one there seems to know.
“They really do something that today there is no replacement for.”
No, they are doing something today that there is no market for.
And if there is no market for it, it should not exist.
The USPS is not a city nor a state.
FedEx does not provide universal service.
“No, they are doing something today that there is no market for.”
Huh? Never know it by the amount of stuff we get. People don’t do a lot of personal correspondence these days, but from businesses to the consumer, there is plenty of market.
it would be if they got their way and did not make the contributions
it does not take a city or state to have problems with retirement funds
you must be on the gravy train
His disability pay would exceed his postal pay ~ so he probably worked for nothing ~
Did you imagine severely disabled vets should get paid less than a GS5?
nobody needs delivery
the post office is not as critical to the survival of life as you want it to be
Turns out USPS employees and the USPS itself “make the contributions”.
I do that too - especially the political begging letters I get from the RNC and such, with as much as I can stuff in them!
You are right about Fedex handing off to the US Mail, UPS too.
I am expecting a package right now and the tracking number indicates it was immediately handed off to the USPS. I live in the middle of nowhere so I can understand why, but then again, I see a Fedex delivery truck pass by here every day.
http://www.youtube.com/watch?v=dEg9R-BcCRU
screw the postal union - its THEIR retirement fund
losing money and spending money complaining about having to pay into the leeches retirement fund
That’s the $5.8 billion payment for retirees in 2087 ~ yeah, they’re trying to get out of that. NOBODY PAYS THAT! Even you don’t pay that.
There are no union operated retirement plans in USPS.
This is NOT the private sector.
sounds like a union/government statistic
face it - you are no longer needed and we are cutting off your gravy train
better grab what you can get now
I seriously doubt FedEx or any other company has the capacity to deliver 150 billion pieces of mail annually.
As for the internet. Good luck. I would be willing to bet over 50% of the population doesn’t user any sort of e-billing service whatsoever.
BTW, next time I see you think about this ~ I think I see MY MONEY in YOUR POCKET and I intend to get it back.
squeal leech squeal
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