The U.S. Postal Service Is Going Bust. Blame Congress

[Ruralinfo]

The U.S. Postal Service is again barreling toward insolvency, and on Friday it reported a $2 billion quarterly loss. “We are in a cash crisis,” Postmaster General David Steiner said. “We require urgent Congressional action to expand our borrowing authority and to address outdated constraints on the organization.” The important part for lawmakers to hear ... Read more

The U.S. Postal Service Is Going Bust. Blame Congress - Ruralinfo.net

The U.S. Postal Service is again barreling toward insolvency, and on Friday it reported a $2 billion quarterly loss. “We are in a cash crisis…

ruralinfo.net

 

[calimailman]

The U.S. Postal Service is again barreling toward insolvency, and on Friday it reported a $2 billion quarterly loss. “We are in a cash crisis,” Postmaster General David Steiner said. “We require urgent Congressional action to expand our borrowing authority and to address outdated constraints on the organization.” The important part for lawmakers to hear ... Read more

The U.S. Postal Service Is Going Bust. Blame Congress - Ruralinfo.net

The U.S. Postal Service is again barreling toward insolvency, and on Friday it reported a $2 billion quarterly loss. “We are in a cash crisis…

ruralinfo.net

Congress definitely to blame for the PO finances and current state. The irony is they are asking the culprit for help to "right the ship" so to speak.

Maybe the new USPS strategy hire from FED EX can encourage the PMG from UPS to lobby congress for the following reforms.
Instead of starting at cutting jobs, salary from carriers and closing post offices around the nation they can start with this.....It was a simple AI google search I did regarding how money paid into the pension fund is invested.

Enjoy!!!

****If the USPS retirement funds (CSRS, FERS, and PSRHBF) had been invested in a diversified mix of 60% stocks and 40% bonds instead of exclusively in U.S.
Treasury securities, they could have had an estimated $1.2 trillion in assets by the end of fiscal year 2022.
This alternative approach would have drastically changed the financial outlook compared to the actual $298 billion in assets under the current restricted investment strategy. ®

Key Findings on Potential Gains:

• Massive Surplus: Instead of facing large underfunded liabilities, a 60/40
  mix could have resulted in a $963
  billion surplus by the end of FY 2021.***

 

[Surprise!]

I don’t see any real changes planned in the Postal Service strategy.


The way I read it the Postal Service wants to not honor our rights and to stand on our necks. It will not solve any of their problems in the long run. It may make the leadership feel good.

 

[DB.Cooper]

I don’t see any real changes planned in the Postal Service strategy.


The way I read it the Postal Service wants to not honor our rights and to stand on our necks. It will not solve any of their problems in the long run. It may make the leadership feel good.

It's always about squeezing down the workers... as long as they can scream about how broke they are, and how much money they're losing, then they can demand worker concessions in contracts... been happening now for decades...

 

[Gotrope]

With the new step 4 about coverage correction ( 6 years past when DR's proved it was wrong, it's not a wonder carriers are losing faith.

 

[hockey94]

With the new step 4 about coverage correction ( 6 years past when DR's proved it was wrong, it's not a wonder carriers are losing faith.

Losing ? Lost !

 

[kizhawk721]

I don’t see any real changes planned in the Postal Service strategy.


The way I read it the Postal Service wants to not honor our rights and to stand on our necks. It will not solve any of their problems in the long run. It may make the leadership feel good.

Do you know if it's true, The Post Office is sending Supervisors to train in Florida????? I thought we are so broke? I know of a Postmaster and Poom that should be fired , part time workers .........

 

[neciat]

Here's some chatter on bonuses.

 

[ATCBigE]

Lots of blame to go around.

#1 Congress has some especially as previous person said about diversify our money, we would have more. Especially when people call congress to keep these ridiculous tiny offices open. Example, one office in my are has 10 PO BOXES. It literally has 2 carriers that go through it and drop mail off to some of the houses. Still open. Close it and save some money.

#2 Management. Go back in late 90s/early 2000s when all of these tiny small offices all had their own postmaster. They cut those positions and now look at it, we have PM in main office, along with supervisors for every 7 carriers basically now when the ole days it was 1 supervisors for 20 carriers.

#3 They are right about giving out the bonuses. No one should get any until we are nearly back to breaking even or making a bit of money.

I do know who you can't blame.

RURAL CARRIERS!!!!!!