11-17-2012, 06:45 AM
expect no saturday delivery soon.
Expect to be disappointed at your prognostication.
They were given ten years to prefund 75 years of pension/medical benefits, based on projections of how many people they'll employ 10, 20, 30, 40 years from now. So to answer your question, they're prefunding pensions for future employees that haven't even been born yet, much less hired.
No other government agency, no private business is required to do this.
Of the $15.9 billion, you can't say it was all "lost." Some 11 billion of that is for these prefunding obligations. That's not losing money, that's having Congress starve you of operating expenses so that they can justify privatizing the post office and making two dozen white men very, very wealthy.
This.
It's been repeated a lot, but detractors keep the "USPS loses $$$$" flowing and the uninformed suck it up, forget the above, and volunteer stupid solutions.
Pre-funding was mandated in 2006.
Yikes! How does UPS, FedEx, and any others I'm forgetting make ends meet?
On the back of the USPS.
They can raise and lower rates any time they want. The USPS can't. They don't have to deliver to any and every address in the US and its territories. They don't and can't. For that, they use the USPS, the Last Mile business model. They can operate for profit, the USPS can't.
Force UPS, FedEx, OnTrac, and Billy Bob's Parcel Delivery to pre-fund $5B a year and see how long they last.
What did we learn from Enron, a private enterprise? SOX. Pre-funding? Still not required. Unless you're the USPS.
Four of the top USPS executives just received deferred retirement benefits worth millions each, since their salary is capped by law.
If you think 45¢ to mail a letter or package is outrageous, you'll soil yourself at the price of letters and packages if private enterprise takes over.
Facts will be forgotten the next time a headline shrieks "USPS DEFAULTS ON PAYMENT, oh and sky is falling".
Expect to be disappointed at your prognostication.
They were given ten years to prefund 75 years of pension/medical benefits, based on projections of how many people they'll employ 10, 20, 30, 40 years from now. So to answer your question, they're prefunding pensions for future employees that haven't even been born yet, much less hired.
No other government agency, no private business is required to do this.
Of the $15.9 billion, you can't say it was all "lost." Some 11 billion of that is for these prefunding obligations. That's not losing money, that's having Congress starve you of operating expenses so that they can justify privatizing the post office and making two dozen white men very, very wealthy.
This.
It's been repeated a lot, but detractors keep the "USPS loses $$$$" flowing and the uninformed suck it up, forget the above, and volunteer stupid solutions.
Pre-funding was mandated in 2006.
Yikes! How does UPS, FedEx, and any others I'm forgetting make ends meet?
On the back of the USPS.
They can raise and lower rates any time they want. The USPS can't. They don't have to deliver to any and every address in the US and its territories. They don't and can't. For that, they use the USPS, the Last Mile business model. They can operate for profit, the USPS can't.
Force UPS, FedEx, OnTrac, and Billy Bob's Parcel Delivery to pre-fund $5B a year and see how long they last.
What did we learn from Enron, a private enterprise? SOX. Pre-funding? Still not required. Unless you're the USPS.
Four of the top USPS executives just received deferred retirement benefits worth millions each, since their salary is capped by law.
If you think 45¢ to mail a letter or package is outrageous, you'll soil yourself at the price of letters and packages if private enterprise takes over.
Facts will be forgotten the next time a headline shrieks "USPS DEFAULTS ON PAYMENT, oh and sky is falling".