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Post Office..loss 18 Billion in 2011

Discussion in 'Politics, Elections & Legislation' started by Setterman, Feb 18, 2012.

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  1. Setterman

    Setterman Well-Known Member

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    On a previous post there were some postal workers complaining about the "gubmit" stealing money out of their fund, thus creating a loss on the books.

    Please explain.
     
  2. Brian in Oregon

    Brian in Oregon Well-Known Member

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    Supposedly, the reason the post office is in arrears is a mandate from congress that the USPS fully fund their postal retirement fund for the next 70 years. They have already funded almost 35 years of that. If this requirement was eased up on, the post office could go back into the black.

    I do not know the accuracy of this. It was in a letter to the editor from a postal union representative in reply to the fiscal woes of the post office. I have not been able to verify it from another source.
     
  3. postmastertim

    postmastertim Wheels are falling off.... TS Supporters

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    Here ya go.

    Tim
     
  4. noknock1

    noknock1 Active Member

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    Hardly seems fair that congress mandates the USPS to prefund retirement for employees who are still paying into the very retirement they have yet to receive!

    If only congress were bound to prefund social security, medicare, and medicaid for the next 35 years then I guess those programs wouldn't be in trouble! But we all know they operate by a different set of rules.
     
  5. DoubleAuto

    DoubleAuto Well-Known Member

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    But as the Postal Service runs up these tremendous deficits the taxpayer ends up picking up the bill for the deficit portion. Just another way of bookkeeping.
     
  6. postmastertim

    postmastertim Wheels are falling off.... TS Supporters

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    If congress will let the PO manage itself there should be no cost to the taxpayer.

    Yes it will mean fewer employees, fewer employee benefits, fewer retail locations, fewer delivery days and more time from point A to B.

    Tim
     
  7. Mike Battista

    Mike Battista Well-Known Member Supporting Vendor

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    If the post office would stop the bulk mailing rates for the junk mail, charity guilt trips, bills and such there would not be a problem. Have you taken the time to look at the postage on your mail lately? $.11 cents to send a first class request from Washington State to Florida for money. Lokk at the postage on your bills and junk mail.
    Mike Battista
     
  8. daddiooo

    daddiooo TS Supporters TS Supporters

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    The Congressional "running" of the post office is beyond stupid. Absolutley NO business plan whatsoever. Collectively Congress can't even decide what to have for lunch much less run anything effectively. NO business ANYWHERE would survive the first Friday payday with congress in charge if the taxpayers weren't underwriting it.

    Consider for just one moment John Kerry, rich kid, spoon fed from birth, NEVER held a job outside his government position. Al Franken, lame comedian, a hack of an actor and now proudly Minnesotas finest senator. These are just 2 examples of the boobs in charge of making decisions about the USPS, your healthcare, our border security, your social security, medicare, your retirement and the list goes on.

    Until the voters tire of this kind of idiocy (probably never) programs like the USPS, entitlement programs and government fraud will remain a runaway train.
     
  9. John Galt

    John Galt TS Member

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    I'd like to see the USPS competely privitized so the taxpayers would be off the hook for once and for all.
     
  10. hmb

    hmb Well-Known Member

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    It's all because of those free priority shipping boxes. HMB
     
  11. BAD 303

    BAD 303 Active Member

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    The worst tracking system,the worst time in transit and the worst money problems of all transportation entities. One commonm denominator. Governement mandates and being on taxpayer welfare. Only thing the government is good at is ruining anything it touches. Let the employees privatize it and take it over and watch how quick it turns around.
     
  12. postmastertim

    postmastertim Wheels are falling off.... TS Supporters

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    The only money the PO receives from taxpayers is in the form of US Treasury loans and the only danger is if the PO defaults on the loans.


    Tim
     
  13. DoubleAuto

    DoubleAuto Well-Known Member

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    Are the US Treasury (taxpayer) loans going to cover the post office deficit? When can the taxpayer expect these loans to be paid back? Is the post office paying interest to the taxpayer on these loans? Looks like bad business repeatedly loaning money to a failing business that does not have any expectation of breaking even in the future. If the post office is such a good loan risk, you would think that the many postal unions would want in on the action. Oh forgot, they are just there to take.
     
  14. postmastertim

    postmastertim Wheels are falling off.... TS Supporters

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    "Loan principal and interest are backed by the full faith and credit of the U.S. government, except for loans to the U.S. Postal Service," a recent FFB financial report states. "The U.S. Postal Service is an independent establishment of the executive branch. ... The Bank has not incurred and does not expect to incur any credit-related losses on its loans."

    Tim
     
  15. R.Kipling

    R.Kipling Well-Known Member

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    I don't have a dog in this hunt, and I've had both good and bad experiences with the USPS. However, the Post Office was provided for in our Constitution just like the Military. We don't predicate our military interventions on advance payment, or expect it to be a profit center every year. Can it be run better, you bet.

    I have no faith in the way our government keeps financial records, nor do I believe the data that is provided to us. I do know that our elected officials use their own definitions for standard terms that are nothing less than outright lies.

    The Post Office is just one of many red herrings, the real problem is Machiavellian career politicians ready and willing to lie straight-faced for self aggrandizement. We have the means to prevent this, and change it - our votes. Simply do not vote for incumbents with more than 12 years (dis)service. Or, at all if you choose.

    Until we all stay focused on the character of our elected officials and their ACTIONS - not words, thing will only get worse. Speak up, act out and hold your congressmen accountable at every turn.

    Rant off,
    Kip
     
  16. noknock1

    noknock1 Active Member

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    Once certain business operations become too big, they in turn will suffer the pitfalls of bureaucracy! Right now, there is not a private company equipped to deliver mail six or even 4 days a week to every home in the 50 United States, Puerto Rico, etc...

    If Fed Ex, or UPS expanded its operation to actually provide the same level of service, well they will end up struggling with the same challenges that the USPS deals with to include CONGRESS!

    Get congress out of the mix and that will be a start! How many postal unions are there, two, three, maybe more? Many things could be streamlined, but regardless for being as big of an operation as it is, I am still impressed that I can spend less than a buck and mail some documents from Indiana and 99% of the time, that package will be delivered in Washington State, in about 3 days!
     
  17. John Galt

    John Galt TS Member

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    What a load of BS that the taxpayers aren't on the hook for the money the USPS owes. What bank would loan such a money losing operation without a guarantee by the government?

    Say postmaster, who pays for the health care of postal workers? Hint: it's the same suckers who pay for the entire federal health care system including scum sucking congressmen.

    BTW, there are many countries who have priviatized their postal systems so it can be done. Granted, the constitution authorizes a postal service but doesn't require one. A privatized military isn't remotely feasible but a privatized PO is.
     
  18. noknock1

    noknock1 Active Member

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    I would be interested in the listing of countries with 100% privatized postal service. I am guessing the population is very low compared to the U.S.?

    I believe a privatized PO is feasible, but then how would free capital work?

    Would it be the best service and fair to have say have half a dozen companies providing mail service?

    Would the privatization be split up like the utility, phone, cable, companies?

    Still only one set of natural gas lines, electric, and phone lines for the 'grid' but I pay more than the folks 15 miles from me because of the crappy little companies that 'controls' the section of electric lines, gas lines, and phone lines in my rural section of county that I live in... Still would like to get U-verse, but no, the fiber optic running through my neighborhood won't let AT&T in and they want 30% more for the same service that AT&T offers! Same with my electric and gas!

    If I want cable, I am stuck with Comcast, no other choices, although we were Brighthouse a few years ago and then Insight, and now Comcast! I am on my second electric company, not by choice, and guess what; trucks did not come into my section of county and tear down & replace or run duplicate power and electric lines.

    My point is, if there are separate companies running the mail to every household in the America, I guess it will be a fixed price? Kind of like an OPEC?

    Who decides what the price will be to mail a first class letter or an advertisement? Congress? That would suck...

    or have the company or companies decide... That would also suck...

    If only one company is contracted by the government to run the entire mail system as a private entity, who picks the company?

    Do the states vote, or will our congress decide on which company is selected and for how long is the contract until other companies get a chance to bid on being the ONE private company contracted by the U.S. government to deliver mail?

    I think there are some legitimate questions regarding how to fairly privatize and ensure continuity of operations regarding an operation this big!

    Saying, “Privatize the post office and all will be well,” does not float with me until I see some rational thoughts on how to implement such a transition that will not turn into just a different form of mess than what we already have!
     
  19. postmastertim

    postmastertim Wheels are falling off.... TS Supporters

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    John,

    The PO pays it's share of the FEHB plan not the taxpayer, in 2010 that cost was 5.1 billion.

    The new plan is to have us self insured and seperate from the FEHB.

    Tim
     
  20. John Galt

    John Galt TS Member

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    Tim, who is providing the loans to the USPS, I think they owe 30 billion or more now. Who do they owe it to? Who keeps lending the USPS the money to keep operating at such consistent and huge losses?

    For years the USPS has been operating at a huge loss which is reported by the media, but no mention is ever made of who is funding these losses. Somebody is doing it and my money is on the long suffering American taxpayers. Hope I'm wrong though.
     
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