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)
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