.png)
CNSNews.com –
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. Treasury—the 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. (See USPS Action
Needed.pdf)
Read the full story: www.cnsnews.com
Follow Larry Elder on Twitter
"LIke" Larry Elder on Facebook
The APWU and NALC need to give up some some of the excess wages and bennies acquired since the 1984 - 1987 Agreement. Were you aware your mailman is making 25.11 an hour as well as the clerks who work the counter? I was layed-off in 2008 after 35 years because of a handicap, the first ones to get axed were the handicapped and disabled.
ReplyDeleteCHECK THE FACTS: Due to the e-commerce boom, the Postal Service has returned to profitability in 2013 and now it projects a $1.1 Billion operational profit for 2014. The FACT is that the 80% of the $46 Billion in net losses reported since 2007 resulted from the unprecedented mandate to pre-fund future retirees health benefits. This FACT is routinely ignored or buried in press releases and media presentations.
ReplyDelete