Do you have adblock enabled?
If you can read this, either the style sheet didn't load or you have an older browser that doesn't support style sheets. Try clearing your browser cache and refreshing the page.

(USA Today)   USPS defaults on another $5.6 billion payment but assures customers it'll be business as usual   ( divider line
    More: Fail, U.S. Postal Service, postal services, payments  
•       •       •

818 clicks; posted to Business » on 02 Oct 2012 at 8:26 AM (4 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»

Voting Results (Smartest)
View Voting Results: Smartest and Funniest

2012-10-02 12:27:43 AM  
3 votes:
That's what happens when you're forced to pay 75 years of pensions in 5 years and banned from effectively raising income to pay for it.
2012-10-02 12:21:04 AM  
2 votes:
Gee. When congress imposes ridiculous regulations designed to force failure, failure happens. Color me shocked. But don't you dare limit private enterprise.
2012-10-02 12:19:41 AM  
2 votes:
How much does DoD owe it's retirees? Yeah... I don't give a flying f*ck how much the USPS is being forced to pay into (and default on)... They are an essential service. Privatization is not the answer to many things. No matter what your 12th-grade mind tells you.
2012-10-03 02:53:21 AM  
1 vote:
I'm rather fond of the USPS. My postman is really nice, and I always use the priority boxes to mail. Everything gets to their destination in 1-2 days for an affordable price, which I find amazing and convenient. I've only had one problem in the last 10 years, though, when one of my packages from my parents arrived damaged, with the books they sent me missing and a smaller package of a DVD inside that was addressed to someone else. I personally delivered the guy's DVD and never saw my books, but was willing to write it off as a one time freak occurrence since it was impossible to determine if the incident occurred on the sending end or the receiving end or somewhere in between.

In any case, performance and quality varies greatly depending on your local branch and delivery guys. I'm sorry if some people got stuck with a lazy or stupid driver but that doesn't mean the whole program is worthless.
2012-10-03 01:39:11 AM  
1 vote:

MugzyBrown: KarmicDisaster: When my mail does not come any more, I'll be thinking of you, Republicans.

How much useful mail to you receive via the USPS anyway? How much that couldn't be sent electronically or via UPS/FedEx/etc?

I send 1,600+ packages from my business per year. For roughly 2/3rd of UPS rate and twice to three times as fast

/luvs USPS Priority Flat Rate Boxes...
2012-10-02 10:47:12 PM  
1 vote:
dang, please don't fail USPS. It's hella nice selling stuff on ebay to Europeans and only paying $6 for shipping,, and $2.15 in the US
2012-10-02 04:22:32 PM  
1 vote:

Intrepid00: I would like to cancel my mail service.

Nobody makes you check your mail. Take some personal responsibility for a change.
2012-10-02 04:14:26 PM  
1 vote:
Is this the same post office that's supposed to be a private business but Republicans won't let implement cost-saving measures, because if the post office is actually profitable they won't be able to collect on their UPS/FEDEX investment?
2012-10-02 02:16:18 PM  
1 vote:

Debeo Summa Credo: GAT_00: Debeo Summa Credo: GAT_00: Debeo Summa Credo: GAT_00: That's what happens when you're forced to pay 75 years of pensions in 5 years and banned from effectively raising income to pay for it.

Citation please on the 75 years.
Seriously, I've seen that thrown around in articles but nowhere definitive or with actual calculations.

Companies are required to fund their pensions as well. Something like 1/7th of underfunding per year under the pension protection act of 2006 (of course, market movements during that period affect the balance further.)

I'd agree that if the postal service had to prefund obligations for employees that haven't been hired yet, but I really don't think that is the case. I believe they are only funding the projected benefit obligation, just like private companies.

Here's the text of the actual bill. See TITLE VIII.

Yeah, I've read that and from my reading it looks like the contributions are to fund obligations that are currently expected on current employees, the same as private companies are required to fund. I can't find any reference to 75 years, however.

I'm open to being set straight on this if I'm wrong and welcome legitimate explanations, but I really think the narrative that pension fund contributions are causing the problems of the postl service is misguided. Shouldn't we want employers to find the pension plans promised to employees?

For what it's worth, there were two democratic co sponsors f the bill, including Waxman.

(3)(A) The United States Postal Service shall pay into such Fund--

`(i) $5,400,000,000, not later than September 30, 2007;

`(ii) $5,600,000,000, not later than September 30, 2008;

`(iii) $5,400,000,000, not later than September 30, 2009;

`(iv) $5,500,000,000, not later than September 30, 2010;

`(v) $5,500,000,000, not later than September 30, 2011;

`(vi) $5,600,000,000, not later than September 30, 2012;

`(vii) $5,600,000,000, not later than September 30, 2013;


Because no other business or government entity has ever been forced to pre-fund retirement benefits 100% in such a short time. The USPS was not allowed to raise rates, cut service, or hell even close a lot of facilities with out congressional approval, which they are not giving, but are being forced to make these payments.

Oh and one other thing in 2006 the Bush administration suspended payments into these Federal benefits plans and applied the money directly to the wars. This was a sneaky way to cover up the whole in the Federal pension and medical benefits plan. The Federal pension system has about a trillion dollar unfunded liability and probably will go bankrupt some time around 2035, leaving tens of millions of retirees with partial benefits and payouts.
2012-10-02 11:52:31 AM  
1 vote:
When my mail does not come any more, I'll be thinking of you, Republicans.
2012-10-02 09:32:59 AM  
1 vote:
So if this needs to be run like a business, Congress will have no problem letting the USPS do the following:

Cut 'unprofitable' rural routes
Restrict days of delivery
Set rates as they see fit without need for any other approval
Used zoned rates for first class mail
2012-10-02 01:44:03 AM  
1 vote:
$5.6 billion? That's like ... three weeks of The War Against Terror!
Displayed 12 of 12 comments

View Voting Results: Smartest and Funniest

This thread is archived, and closed to new comments.

Continue Farking
Submit a Link »
On Twitter

Top Commented
Javascript is required to view headlines in widget.

In Other Media
  1. Links are submitted by members of the Fark community.

  2. When community members submit a link, they also write a custom headline for the story.

  3. Other Farkers comment on the links. This is the number of comments. Click here to read them.

  4. Click here to submit a link.