(US) Postal Service warns of default as losses mount

  • Posted by a hidden member.
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    Feb 10, 2011 9:28 PM GMT
    http://money.cnn.com/2011/02/09/news/economy/postal_service/index.htm?hpt=T2

    The U.S. Postal Service warned Wednesday that it may default on some of its financial obligations later this year after reporting yet another quarterly loss.

    The USPS, a self-supporting government agency that receives no tax dollars, said it suffered a loss of $329 million in the first quarter of federal fiscal year 2011. That compared with a loss of $297 million a year earlier.
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    Feb 11, 2011 2:11 AM GMT
    southbeach1500 saidI think eliminating Saturday delivery should help substantially. Probably also another rate increase looming....

    Unfortunately, the US Postal Service can't go away... it's Constitutionally mandated.


    I agree. I mean, is Saturday service really needed?

    Are there proposals still floating around about having the post office privatized? I believe it has been relatively successfully implemented in a couple of countries such as:

    Germany -Deutsche Bundespost was largely privatized into Deutsche Post, DHL, and Deutsche Postbank

    The Netherlands-Former national postal organization was privatized into Koninklijke TNT Post


  • musclmed

    Posts: 3279

    Feb 11, 2011 2:17 AM GMT
    southbeach1500 saidI think eliminating Saturday delivery should help substantially. Probably also another rate increase looming....

    Unfortunately, the US Postal Service can't go away... it's Constitutionally mandated.


    There maybe a time in the future with technology the way it is to do away with most paper mail.

    Right now with a poor attitude and work ethic ( at least in my neighborhood) I rarely use the US mail personally.
    In fact I have a post office box ( at a UPS store ) specifically for any parcel that maybe USPS.

    A orange slip is a ulcer generating ordeal.
    You would think they would capitalize on this and offer a better more costly service for night delivery to raise money. As many people work

    ( I have though been to post offices outside of NY and Los Angeles that had very friendly helpful workers).

    A friend of mine worked his way up in the postal service and just retired at 50....... he says free thinkers or cost saving ideas are frown upon.

    I wouldn't be surprised if someone tried the TAX on EMAIL garbage again to subsidize the post office .
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    Feb 11, 2011 2:19 AM GMT
    It hasn't been needed here in Canada for decades.. who wants to receive yet another bill on the weekend when you're trying to forget about all that shite LOL
  • Webster666

    Posts: 9217

    Feb 11, 2011 2:48 AM GMT
    I worked there for a long time.
    The place is extremely mismanaged.
    The last supervisor I had there got shot in the head (and died) because she was a total bitch.

    I wholeheartedly agree that we could do fine without mail delivery 6 days a week.
    I'd be fine with ONE day a week.
    Or, how about making everybody in the cities go down to their local post office to pick up the mail ? You could have one window just for that.

    BTW, when the post office raises first class postage by one cent, it brings in a BILLION dollars a year.
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    Feb 11, 2011 2:50 AM GMT
    Columbusite said
    southbeach1500 saidUnfortunately, the US Postal Service can't go away... it's Constitutionally mandated.



    Your myopic vision is breathtaking.
  • Webster666

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    Feb 11, 2011 5:44 AM GMT
    southbeach1500 saidI think eliminating Saturday delivery should help substantially. Probably also another rate increase looming....

    Unfortunately, the US Postal Service can't go away... it's Constitutionally mandated.




    Yeh, just like slavery.
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    Jun 17, 2012 4:07 PM GMT
    http://money.cnn.com/2012/06/12/news/economy/postal-service/index.htm?iid=HP_LN

    "Postal chief: If we do nothing, we're Greece"

    The head of the U.S. Postal Service said Tuesday that if the service doesn't cut costs and Congress fails to act, it's going to be in the same dire straits as Greece.

    Postmaster General Patrick Donahoe drew chuckles from a group of postal policy conference attendees by comparing the beleaguered, indebted Postal Service to the beleaguered, indebted nation.

    He said that Greece's ratio of debt compared to gross domestic product is 1.61 and the U.S. Postal Service's ratio of debt compared to revenue is 1.51.
    Donahoe clarified later that he was sincere in the comparison, except he didn't think the U.S. Postal Service is on the verge of default or a bailout.

    "But, it's true," said Donahoe, speaking with reporters at a postal policy forum called Postal Vision 2020. "Unfortunately, if we don't do something we will look like that."

    He added that the U.S. Postal Service's cost-cutting plan, and legislation passed by the House and Senate, would prevent the Postal Service from having "to go down that path."