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.