Posted on 03/14/2014 7:29:09 PM PDT by Olog-hai
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 U.S. Treasurythe statutory limit.
USPS continues to be in a serious financial crisis, with insufficient revenue to cover its expenses and financial obligations, a continuing decline in profitable First-Class Mail volume, increasing unfunded benefit liabilities, and borrowing limitations due to having reached its $15 billion statutory debt [borrowing] limit, said Frank Todisco, a GAO chief actuary, in prepared testimony before the House Subcommittee on Federal Workforce, U.S. Postal Service and the Census on Mar. 13.
(Excerpt) Read more at cnsnews.com ...
Already have: http://blogs.ajc.com/business-beat/2012/09/22/ready-for-more-junk-mail-postal-service-hopes-so/?cxntfid=blogs_business_beat
Long ago, in a different life, I carried the mail and worked through the transition from being employed by the United States Post Office Department to being employed by the Postal Service.
The one good thing about the POD was that, at least, it was a constitutional function of USG, provided for by one of the 18 enumerated powers.
I believe they are deliberately slowing service too. I recently sent a letter to a guy 15 miles away from me. It took 14 days. Wow, a mile a day. It was time sensitive too.
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