Postal Service to Cut Saturday Mail Delivery to Trim Budget Shortfall

Postal Service to Cut Saturday Mail Delivery to Trim Budget Shortfall

Deal Price: News
dailyfinance.com offers Postal Service to Cut Saturday Mail Delivery to Trim Budget Shortfall for News.
Saturday mail cutback would begin in August.
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(3) thoughts from other users ...

LokaFreeThings2
rep: 2.96k
I've noticed about 4 posts about this.. Just a heads up.. There are a lot of dups. I guess we have to go through and find them:/
LokaFreeThings2 posted Feb 06, 2013
  0 |   0
themoneyman1113
rep: 24.2k
"They should really start sooner" and this is a quote from my postal carrier. lol :--)
themoneyman1113 posted Feb 06, 2013
  0 |   0
glwrks
rep: 112k
Yup...they shot themselves in the foot in 2006 -
"...The agency's biggest problem -- and the majority of the red ink in 2012 -- was not due to reduced mail flow but rather to mounting mandatory costs for future retiree health benefits, which made up $11.1 billion of the losses. Without that and other related labor expenses, the mail agency sustained an operating loss of $2.4 billion, lower than the previous year.

The health payments are a requirement imposed by Congress in 2006 that the post office set aside $55 billion in an account to cover future medical costs for retirees. The idea was to put $5.5 billion a year into the account for 10 years. That's $5.5 billion the post office doesn't have.

No other government agency is required to make such a payment for future medical benefits...."
glwrks posted Feb 06, 2013
  0 |   0
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