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Dead Letter Office: Post Office Is Close to Broke

Written by Gary North on November 16, 2012

It’s official. The Postmaster General has sent an S.O.S. to Congress. “Mayday! Mayday! We’re sinking!”

In this video, he says wages will be paid. Can you imagine the head of a $65 billion a year company producing a video that says to workers, saying this? “You will be paid. Trust me.” But the USPS has hit its $15 billion borrowing limit. He says: “No more.”

The USPS is playing chicken with Congress. Who will bail out of the speeding car before the head-on collision?

My bet: Congress.

The key issue is retirement benefits. He basically says, “You’re going to get shafted.”   What’s going on? The USPS has paid wages instead of setting aside money for workers’ retirement programs. Now it wants off the hook. Congress can grant this relief. But he never says this explicitly. He calls for a “resolution,” whatever that is.

He wants 5 days a week delivery. Goodbye Saturday delivery.

How the mighty have fallen! The oldest government monopoly in America, going back to before there was any America, is about to go under.

He is calling for a huge bailout by a lame-duck Congress.

It he gets it, there will be more. The red ink is forever.

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17 thoughts on “Dead Letter Office: Post Office Is Close to Broke

  1. out where I live, I get mail only 3 or 4 days a week anyway.. and my mail delivery guy is a lazy mail theiving s*&T I was working away from my office, my company mailed me an expense check.. never showed up.. last christmas I orderd some sweatshirts… 4 weeks before christmas. January 2nd I called them, and told them I never reveived them.. they rushed more to me. .. then in late febuary, I received the original order. They latest one. I never received my mail in ballot for the election. I called the county, they mailed them out on OCT 15th… I have called the post office, they told me it was my problem, not theirs. I called the post master general for the area, the secretary was nice, but the post master never called me back. I am considering calling the district attorney and filing a voter fraud suit against the post office..

    so.. as far as I am concerned. the post office cant do their jobs.. maybe they should be allowed to go away. Who need them, they are just lazy government leaches.

  2. I second that!

  3. Lazy government leeches with a GREAT pension………….handed to them with the taxpayers hard earned money………..sombody had to say it…..

  4. The Post Office another mismanged government business. Just wait for the Obama health care mess

  5. Let it die and all of the union jobs with it. Good riddance.

  6. MontanaMEL says:

    The "let it all die" feeling runs very, very, deep now…
    IN FACT:

    With this DEBT LIMIT train running down the tracks right now…is it not time to just "Shut'er'Down" ??

    Tell your Congress Critter…no more NOTHING !!.. Let them moan and groan… Then, demand a budget with cuts..or, NOTHING!

  7. Obama doesn't care!

  8. Right on, Mel!!

  9. This is just a continuation of bad management, political people instead of managers. I worked for them for 23 years, without a retirement. Thing is back inthe 90s they hired Runyan as the PMG, and he basicly pushed for the USPS to supply computer terminals and fax machines for people to use as a small price getting them to stop mailing. Meanwhile, the Postal Unions was over-burdening them with higher than normal wages. There was a retirement plan, a FICA type that you had to put into as well as another plan, FIRS, that acted like a 401K that you could put additional money into that was match up to $50 by the service. Yes, there are retirement plans. And unions that negotiate about every year. And managers that don't know what they are doing and are unaccountable for their projects and spending. Example: a cobal system that was supports to replace a Wang system back in the 90s

  10. . They spent millions on this, with the idea that it woud speed up administrative activity and make it possible for Washington to know what happened in the field. My office did the shake down on it for the purchasing side. Where Wang had 2-3 screens per purchase, the Cobol system had 4-8 screens per purchase. When a buyer had 20 to 40 purchases to administer a day, it would have slowed down the whole process, too time consuming. This is why we need people with common sense in these jobs, not just politicians.

  11. gvhparkridge says:

    No need to have a post office when you are a bankrupt county…let it go

  12. Just like the local AT&T phone monopoly that I fired years ago. Before I dropped it, the only calls I was getting on my landline were telemarketers and collection agencies fishing for someone with the same name as me. With the snail mail it's all unsolicited come-on's to buy distressed real estate at bargain-basement prices. No thanks!

  13. Now they are transfered to your cell phone I bet! lol

  14. Texas Chris says:

    First, get a PO box.

    Second, use FedEX, UPS, or DHL. Screw the USPS, they're a bunch of union thugs anyway.

  15. Texas Chris says:

    Let them file for bankruptcy, and let a private buyer pick up whatever can be used.

  16. Texas Chris says:

    Let them eat Twinkies.

  17. Texas Chris says:

    AT&T is in the same union mess as the USPS. Telecom grew out of a defense project, and has always been very heavily regulated, taxes, and unionized.