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Postal Service Had $740 Million Third-Quarter Loss

#1 User is offline   azjetfan Icon

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Posted 09 August 2013 - 03:43 PM

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WASHINGTON (AP) -- The Postal Service has trimmed its losses to $740 million over the last three months by consolidating processing facilities, cutting hours for workers and post offices and reducing workers' compensation costs, the agency said Friday.

Still, year-to-date, the Postal Service had losses totaling $3.9 billion, and the agency said that without help from Congress its financial woes will worsen.

The report for the financial quarter ending June 30 comes as Congress considers proposals to fix the agency's finances. The agency lost $16 billion last year and is trying to restructuring its retail, delivery and mail-processing operations.

Over the first nine months of its fiscal year, the Postal Service said 104 mail processing facilities were consolidated, career employee work hours were reduced by about 41 million and operating hours at 7,397 post offices were reduced.

The service wants to end most Saturday and door-to-door mail delivery. It also is seeking to reduce its congressionally mandated $5.6 billion annual payment for future retiree health benefits. The agency says ending Saturday mail delivery would save $2 billion each year.

Joe Corbett, the agency's chief financial officer, said in a statement that "without comprehensive postal reform legislation signed into law, our hands are tied and we expect multibillion dollar annual losses to continue."

The third-quarter loss was far less than its $5.2 billion loss for the same period last year. Postal officials said its cost-cutting and efficiency moves helped lower losses, along with a $918 million decrease to its workers' compensation expenses due to interest rates.

Shipping and package revenue continued to be a bright spot for the agency, increasing 8.8 percent compared to the same period last year. That helped operating revenue rise 3.6 percent to $16.2 billion in the third quarter, compared to last year's third quarter.

First-class mail revenue, the Postal Service's most profitable category, declined by 0.9 percent compared to the same period last year. Total mail volume was 37.9 billion pieces, down from 38.3 billion pieces for the third quarter last year.

The Postal Service for years has been wrestling with declining mail volume and a 2006 congressional requirement that it make advance payments to cover expected health care costs for future retirees for 75 years in advance, something no federal agency does. The agency expects to miss a $5.6 billion health care payment next month at the end of its fiscal year. It defaulted on two similar payments last year.

The pre-funding requirement for future retiree health benefits accounts for the brunt of the agency's red ink and underscores the urgency for Congress to end the mandate, postal officials say. About $11.1 billion of last year's $16 billion agency losses were due to the annual health care payments.

Earlier this year, the agency backpedaled on its plan to end Saturday mail delivery after running into opposition in Congress.

The National Association of Letter Carriers says ending Saturday delivery would hurt small businesses along with rural residents and the elderly, who depend more heavily on the mail for prescription drugs and other goods.

Postal officials also want permission to ship beer, wine and spirits to compete with private shippers such as FedEx, saying it could bring in as much as $50 million a year. The service also favors gradually ending most door-to-door deliveries in favor of curbside and cluster box service to save money.

Congress is beginning to tackle two plans to help the Postal Service.

A Senate bipartisan proposal would let the agency end Saturday delivery in a year and make changes in how pensions and retiree health care costs are calculated in an attempt to stabilize the agency's finances.

It also would impose a two-year moratorium on closing mail processing plants. The agency also would be allowed to ship alcohol. Hearings on the bill are expected after Congress returns from its summer break next month.

The House Oversight and Government Reform Committee recently approved a bill to end Saturday delivery and to change how pension and retiree health costs are calculated to curb the agency's losses. The GOP measure did not win any Democratic votes. The bill also directs the agency to gradually shift from door-to-door delivery to cluster box and curbside delivery as a cost-cutting move over the next decade, something which many House Democrats oppose.

The Postal Service is an independent agency that receives no tax dollars for its day-to-day operations but is subject to congressional control.

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Posted 09 August 2013 - 06:37 PM

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Post Romantic

By Paul Waldman, March 8, 2010

Despite its current financial woes, the Postal Service is still the best mail delivery service around -- and one of the government's bigger successes.

What can you get for 44 cents these days? You can get a fun-sized candy bar. Or 3 ounces of coffee. Or maybe one AAA battery, if it's on sale. Or, you can have someone come to your house, pick up a letter you've written, take it 3,000 miles across the country within a few days, and deliver it to your Aunt Millie's door. That's something you can get for 44 cents.

You may have heard that the United States Postal Service is having financial problems and that its service might be significantly altered as a result. According to its latest annual report, the volume of mail it delivered declined 13 percent last year, from 203 billion pieces in 2008 to 177 billion pieces in 2009. This dramatic drop was partly due to the recession, which meant that companies were saving money by mailing out fewer catalogs and solicitations, and partly because of the growing use of e-mail. In any case, it meant less revenue. Now, the USPS has removed mailboxes in many places to simplify its collection task, and some post offices are closing. It's also seriously contemplating doing away with Saturday delivery to save money. There are many reasons why its situation has become so dire, but mostly it's because all of us Americans have come to expect that we'll receive the service the Postal Service provides at an absurdly low price.

We spend a lot of time debating the proper role of government in our society, just as we should. What we see over and over again is that the market does a lot of things well, but there are things it does poorly, and some things it doesn't do at all. Just as conservatives rail against big government but are happy to get their Medicare coverage and Social Security checks (and drive on government roads, and get their water through government pipes, and have their streets cleared by government snowplows...), I haven't seen anyone claim that we should just shut down the Postal Service and leave mail delivery to the market's invisible hand. Even conservatives know that would never work. And despite its monopoly on mail delivery, when you actually look at the facts, it's hard to avoid the conclusion that the USPS is a pretty impressive operation.

When some people hear about the Postal Service's current struggles, they shake their heads knowingly, with the old clichés about inefficiency and sloth never far from their minds. But the truth is that although you might have to wait in a long line if you're bringing your tax return in at 10 minutes before closing on April 15, the post office actually provides an extremely reliable service, at ridiculously low prices. Let's keep that 44-cent letter in mind as we consider the alternatives. If you're in New York, and you want to mail that letter to Aunt Millie in Los Angeles with FedEx, it'll cost you $10.31 -- over 23 times as much as it will with the post office. UPS, meanwhile, charges $11.20. And that's for the slowest service it has, which will take about the same amount of time as the post office. But what if you needed to get that letter to Aunt Millie right away? For next-day delivery, both the UPS and FedEx Web sites say they will charge you $49.56. The post office? That'll be $18.30. And unlike the private companies, the post office doesn't charge you extra to deliver to a residence. Not only that, in a year they deliver nearly 600 pieces of mail for every man, woman, and child in America, with fewer than half the number of employees Wal-Mart has.

The dramatic difference in rates is one of the reasons FedEx and UPS are profitable companies, while the Postal Service is not. The Postal Service has another challenge: Though it is a quasi-private agency, controlled by the federal government but largely responsible for paying for its own operations, it performs services that a ruthlessly efficient private corporation would have jettisoned long ago -- or never attempted in the first place -- like rural mail delivery. In fact, UPS and FedEx use the Postal Service to do their deliveries to some remote addresses, since it isn't profitable to do it themselves. As one retired postal worker wrote to FiveThirtyEight's Tom Schaller, "Nearly every time I was in a rural post office FedEx or UPS would show up, bring a load of packages to be delivered and pay the postage to have them delivered. I asked a few Pm's [postmasters] about it, they each explained that it was cheaper for them to pay the Postal Service to deliver the packages than to have to drive their trucks sometimes miles into very remote areas."

The Postal Service delivers to those hard-to-reach areas not because it's profitable but because, as an arm of the government, they have no choice. They can't say, "You may be an American, but you live in a rural area, so no mail for you."


That costs more money than it produces in postage, and the USPS has another financial problem, as its leadership never tires of reminding anyone who will listen: Congress requires the Postal Service to prepay for its retiree health benefits, something that no other government agency or private company has to do. This means it has to set aside billions of dollars every year for future benefits, instead of putting that money toward things like paying off its debt. Though USPS has cut costs fairly significantly (its operating expenses were $71.8 billion in 2009, down from $77.7 billion in 2008), it needs to find still more areas to cut to keep from adding to its debt.

If you want FedEx or UPS to deliver something for you, and you're willing to pay the extra money it costs, that's great. But they're never going to get in the business of delivering everybody's mail, whether it's five days a week or six. It just wouldn't be profitable enough. For that service – and especially if we don't want to have to pay $10 or $20 every time we mail in our electric bill – we need the government to do the job.

My neighborhood recently lost its mailbox, which was the cause of much grumbling all around. And I wouldn't much like losing Saturday delivery. But even so, the Postal Service still gives Americans – all of us – a pretty terrific service, at an incredibly low price. We assume it will always be this way, because it's always been this way. And maybe it will. But if it ends up costing a bit more than 44 cents, we should remember what the alternative is – either a dramatically more expensive service or no service at all.

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View PostFlyHiJets, on 01 June 2013 - 08:35 PM, said:

You're the scumbag that thinks everyone should kiss the as$es of a bunch of criminals but I'm a dumbass. Yeah okay douchebag. Go give some illegal wetback or Revis another blowjob. But then again.....don't you live in an entirely different country but yet think you can tell us how to live? Go fvck yourself little boy. You're likely still living with mommy & daddy. Pu$$y.


View Postazjetfan, on 02 July 2014 - 03:36 PM, said:

There are a few things I have realized about Mr. Jet over a few topics.

1) He is a racist. By constantly using race as a battling tool.
2) He is an extreme Liberal. If you are on either extreme you are probabaly more wrong than right.
3) He is one of those people who will never admit fault, error or defeat.
4)His life sucks and he takes it out on people who don't share in his views.
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#3 User is offline   azjetfan Icon

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Posted 09 August 2013 - 08:16 PM

That's all nice to read and all but the facts are it is a antiquated service that is no longer needed by what I would assume 95 percent of us, yet we the tax payers are paying 3/4 of a billion dollars a year for it. That money could be paying for schools, police, healthcare ect.... Something we all would benefit from instead of the 5 percent who chose to live rural. UPS, FED EX would more than likely pick up the majority of those anyway. It may cost those people more but no where near as much. Typical government waste of money.
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#4 User is offline   azjetfan Icon

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Posted 09 August 2013 - 08:23 PM

Also I don't know how he can call it a success. He says "what does 44cents buy you "but leaves out the 3/4 of a billion dollars of tax money. Also if this is our biggest success we are in trouble. It is obvious this guy has an agenda.
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#5 User is offline   Mr_Jet Icon

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Posted 09 August 2013 - 09:46 PM

View Postazjetfan, on 09 August 2013 - 09:16 PM, said:

That's all nice to read and all but the facts are it is a antiquated service that is no longer needed by what I would assume 95 percent of us, yet we the tax payers are paying 3/4 of a billion dollars a year for it. That money could be paying for schools, police, healthcare ect.... Something we all would benefit from instead of the 5 percent who chose to live rural. UPS, FED EX would more than likely pick up the majority of those anyway. It may cost those people more but no where near as much. Typical government waste of money.


You didn't read that article, did you?

1. Postage and other USPS services is how the USPS gets its funding. Not tax dollars. Tax dollars do not fund the USPS. Tax dollars do not fund the USPS. Tax dollars do not fund the USPS. Tax dollars do not fund the USPS. Tax dollars do not fund the USPS.

By the Numbers *

65 billion — 2012 revenue, in dollars
160 billion — number of mailpieces processed
40 — percent of the world’s mail volume handled by the Postal Service
1.8 billion — dollar amount paid every two weeks in salaries and benefits
522,144** — number of career employees
108,000** — number of military veteran career employees
31,272 — number of Postal Service-managed retail offices
212,530 — number of vehicles — one of the largest civilian fleets in the world
1.3 billion — number of miles driven each year by letter carriers and truck drivers
39.7 million — number of address changes processed
39 — percent of retail revenue from alternative access channels
423 million — total number of visits to usps.com
67.5 million — number of inquiries handled by the Postal Service Contact Center
246 million — dollar amount of online stamp and retail sales at usps.com
44.1 million — number of Click-N-Ship labels printed
483 million — total revenue, in dollars, from Click-N-Ship label purchases
83.8 million — number of packages picked up using Free Package Pickup
5.7 million — number of passport applications accepted
109 million — number of money orders issued
497 million — amount in revenue from 2,500 Self-Service Kiosks
70,000 — number of stores, banks and Self-Service Kiosks that sell stamps
654,560 — number of new delivery points added to the network
0 — tax dollars received for operating the Postal Service

* all information based on 2012 data, unless otherwise noted
** as of January 16, 2013


2. IF your 95% figure is true that still leaves that 5%, and those 5% of Americans are still protected by the U.S. constitution. And the constitution MANDATES the USPS to deliver to ALL American, everywhere. Now unless you want to amend the constitution (which is extremely difficult to do), that 5% still gets mail...it's the law.

3. As that article states UPS and FedEx already leaves it up to the USPS to deliver the packages they DON'T WANT to deliver, because there is no profit in it for them to deliver to remote areas. Why would UPS and FedEx all of a sudden change that and deliver to those areas that they don't currently deliver to? Especially when THEY USE THE USPS to deliver their packages to remote areas. So apparently UPS and FedEx rely on the USPS just like others do.

4. Remote areas don't always mean rural parts of America. Remote can be outside of the U.S. Like a small town in the mountains of Afghanistan where U.S. military and contractors may be. Or Americans working in Africa or South America as missionaries or for the PeaceCorps.

5. Not everybody chooses to live in rural areas. Some people who live in those areas live there because family ties keep them there, or they can't afford to move, or because they are children and are too young to move out on their own. I think it's wrong to punish some farmer in Kansas for example because he makes his living in an area of the country with a small population. All because SOME other people think the gov't is bad and therefor the USPS should be dismantled because it is part of the gov't.

6. The USPS has to PRE-FUND pensions and health care benefits for their employees who get this....some of whom are not even born yet. They are the only employer (public and private) that has to do that, because the Republican controlled congress and President Bush said they had to in 2006. That is unheard of. That is where the majority of their financial problems come from. Not because they're wasteful with tax dollars that again they don't even receive.


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View PostFlyHiJets, on 01 June 2013 - 08:35 PM, said:

You're the scumbag that thinks everyone should kiss the as$es of a bunch of criminals but I'm a dumbass. Yeah okay douchebag. Go give some illegal wetback or Revis another blowjob. But then again.....don't you live in an entirely different country but yet think you can tell us how to live? Go fvck yourself little boy. You're likely still living with mommy & daddy. Pu$$y.


View Postazjetfan, on 02 July 2014 - 03:36 PM, said:

There are a few things I have realized about Mr. Jet over a few topics.

1) He is a racist. By constantly using race as a battling tool.
2) He is an extreme Liberal. If you are on either extreme you are probabaly more wrong than right.
3) He is one of those people who will never admit fault, error or defeat.
4)His life sucks and he takes it out on people who don't share in his views.
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#6 User is offline   azjetfan Icon

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Posted 09 August 2013 - 09:58 PM

So if they are in the red where is that money coming from? Also where in the constitution does it state you are entitled to cheap postage?
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Posted 09 August 2013 - 10:34 PM

View Postazjetfan, on 09 August 2013 - 10:58 PM, said:

So if they are in the red where is that money coming from?


They wouldn't be in the red if they didn't have to follow that ridiculous law put in place in 2006 that required them to pre-fund pensions and benefits for employees that that are not even born yet. Think about that for a second. Think of any company in the world and tell me which one could make money while by law having to set aside 5.5 BILLION dollars a year for retirement benefits for their employees who aren't even alive yet? What company can do that and not be in the red? In 2004 and 2005 the USPS was making a profit. Then comes that stupid law in in 2006 and here we are now.

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Also where in the constitution does it state you are entitled to cheap postage?


The constitution gives congress the power over the post office and requires that there be a postal service.
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View PostFlyHiJets, on 01 June 2013 - 08:35 PM, said:

You're the scumbag that thinks everyone should kiss the as$es of a bunch of criminals but I'm a dumbass. Yeah okay douchebag. Go give some illegal wetback or Revis another blowjob. But then again.....don't you live in an entirely different country but yet think you can tell us how to live? Go fvck yourself little boy. You're likely still living with mommy & daddy. Pu$$y.


View Postazjetfan, on 02 July 2014 - 03:36 PM, said:

There are a few things I have realized about Mr. Jet over a few topics.

1) He is a racist. By constantly using race as a battling tool.
2) He is an extreme Liberal. If you are on either extreme you are probabaly more wrong than right.
3) He is one of those people who will never admit fault, error or defeat.
4)His life sucks and he takes it out on people who don't share in his views.
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Posted 10 August 2013 - 10:35 AM

Game. Blouses.
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#9 User is offline   azjetfan Icon

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Posted 10 August 2013 - 04:19 PM

View PostMr_Jet, on 09 August 2013 - 10:34 PM, said:

They wouldn't be in the red if they didn't have to follow that ridiculous law put in place in 2006 that required them to pre-fund pensions and benefits for employees that that are not even born yet. Think about that for a second. Think of any company in the world and tell me which one could make money while by law having to set aside 5.5 BILLION dollars a year for retirement benefits for their employees who aren't even alive yet? What company can do that and not be in the red? In 2004 and 2005 the USPS was making a profit. Then comes that stupid law in in 2006 and here we are now.



The constitution gives congress the power over the post office and requires that there be a postal service.

You avoided the question. Where are they getting the money they lost year after year?

There is postal service other than USPS.

Either raise the price of postage to cover all expenses or shut it down.
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Posted 10 August 2013 - 10:03 PM

View Postazjetfan, on 10 August 2013 - 05:19 PM, said:

You avoided the question. Where are they getting the money they lost year after year?


I already said it in post #5.

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Those little stickers in the top corner of the envelope. Postage is where most of their money comes from. They get 0 (ZERO) of our tax dollars.


Quote

There is postal service other than USPS.


Yep and how much would it cost to send a little birthday card to a friend or family member from New York to Los Angeles (not rural areas) using UPS or FedEx? The USPS is only going to charge $0.44.

Quote

Either raise the price of postage to cover all expenses or shut it down.


Whatever man, you're not even listening/reading what was said in the article you posted or the one I posted. Both mentioned that 2006 law. I'll say in for the second time. The USPS made a profit in 2004 and 2005. They were in the black just a few years ago until congress passed that law in the 2006 that crippled the USPS. AGAIN they were in the black in 2005 BEFORE that 2006 law that said they had to set aside BILLIONS of dollars for people who are not even yet employed by the USPS. All congress has to do is repeal that law. But guess who doesn't want that law to change....the Republicans in congress. I wonder if UPS and FedEx's lobbyist in D.C. are "influencing" them?

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That's a pretty big jump after 2005.
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1949, 1950, 1952, 1953, 1954, 1972, 1980, 1982, 1985, 1987, 1988, 2000, 2001, 2002, 2009, 2010

View PostFlyHiJets, on 01 June 2013 - 08:35 PM, said:

You're the scumbag that thinks everyone should kiss the as$es of a bunch of criminals but I'm a dumbass. Yeah okay douchebag. Go give some illegal wetback or Revis another blowjob. But then again.....don't you live in an entirely different country but yet think you can tell us how to live? Go fvck yourself little boy. You're likely still living with mommy & daddy. Pu$$y.


View Postazjetfan, on 02 July 2014 - 03:36 PM, said:

There are a few things I have realized about Mr. Jet over a few topics.

1) He is a racist. By constantly using race as a battling tool.
2) He is an extreme Liberal. If you are on either extreme you are probabaly more wrong than right.
3) He is one of those people who will never admit fault, error or defeat.
4)His life sucks and he takes it out on people who don't share in his views.
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#11 User is offline   azjetfan Icon

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Posted 10 August 2013 - 10:28 PM

View PostMr_Jet, on 10 August 2013 - 10:03 PM, said:

I already said it in post #5.

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Those little stickers in the top corner of the envelope. Postage is where most of their money comes from. They get 0 (ZERO) of our tax dollars.




Yep and how much would it cost to send a little birthday card to a friend or family member from New York to Los Angeles (not rural areas) using UPS or FedEx? The USPS is only going to charge $0.44.



Whatever man, you're not even listening/reading what was said in the article you posted or the one I posted. Both mentioned that 2006 law. I'll say in for the second time. The USPS made a profit in 2004 and 2005. They were in the black just a few years ago until congress passed that law in the 2006 that crippled the USPS. AGAIN they were in the black in 2005 BEFORE that 2006 law that said they had to set aside BILLIONS of dollars for people who are not even yet employed by the USPS. All congress has to do is repeal that law. But guess who doesn't want that law to change....the Republicans in congress. I wonder if UPS and FedEx's lobbyist in D.C. are "influencing" them?

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That's a pretty big jump after 2005.

No you did not answer it. Who or what is making up the 3/4 of a billion dollars? They are in the red year after year. So either they get money from somewhere (our tax dollars) or they are not paying their bills and employees.
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Posted 10 August 2013 - 10:43 PM

View Postazjetfan, on 10 August 2013 - 11:28 PM, said:

No you did not answer it. Who or what is making up the 3/4 of a billion dollars? They are in the red year after year. So either they get money from somewhere (our tax dollars) or they are not paying their bills and employees.


What money are you talking about? ALL the money they get is from postage and the other things they charge for. Show me this 3/4 of a billion figure you are talking about. For the upteenth time, they don't get tax dollars.
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View PostFlyHiJets, on 01 June 2013 - 08:35 PM, said:

You're the scumbag that thinks everyone should kiss the as$es of a bunch of criminals but I'm a dumbass. Yeah okay douchebag. Go give some illegal wetback or Revis another blowjob. But then again.....don't you live in an entirely different country but yet think you can tell us how to live? Go fvck yourself little boy. You're likely still living with mommy & daddy. Pu$$y.


View Postazjetfan, on 02 July 2014 - 03:36 PM, said:

There are a few things I have realized about Mr. Jet over a few topics.

1) He is a racist. By constantly using race as a battling tool.
2) He is an extreme Liberal. If you are on either extreme you are probabaly more wrong than right.
3) He is one of those people who will never admit fault, error or defeat.
4)His life sucks and he takes it out on people who don't share in his views.
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Posted 10 August 2013 - 10:47 PM

View PostMr_Jet, on 10 August 2013 - 10:03 PM, said:

I already said it in post #5.

Posted Image

Those little stickers in the top corner of the envelope. Postage is where most of their money comes from. They get 0 (ZERO) of our tax dollars.





Whatever man, you're not even listening/reading what was said in the article you posted or the one I posted. Both mentioned that 2006 law. I'll say in for the second time. The USPS made a profit in 2004 and 2005. They were in the black just a few years ago until congress passed that law in the 2006 that crippled the USPS. AGAIN they were in the black in 2005 BEFORE that 2006 law that said they had to set aside BILLIONS of dollars for people who are not even yet employed by the USPS. All congress has to do is repeal that law. But guess who doesn't want that law to change....the Republicans in congress. I wonder if UPS and FedEx's lobbyist in D.C. are "influencing" them?

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That's a pretty big jump after 2005.


Do you know what they mean by pre funding? I am assuming you don't since you keep talking about it. It is not requiring the postal service to pay a full pension the day an employee starts. It is asking for the USPS to contribute like everyother company does on a pay period basis. Those evil republicans saw that the only reason the post office was showing positive numbers was because they were not paying into the pensions and with all the baby boomers retiring over the next decade they would not be able to pay them with the lower income they have now which would have been a huge train wreck for thousands of employees. Imagine if you worked for a company that promised you a retirement and after 30 years of delivering mail in snow , rain, wind etc... you were told the company could not afford it and you were on your own. Basically the law is protecting the workers. You of all people on here should be in support of workers rights.


As far as the cost for rural delivery..... If it costs them $3.00 instead of .44 so what. Cost of living in the country. It's still is a bargain even at $10 to have a package delivered Across the country.
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Posted 11 August 2013 - 12:07 AM

View Postazjetfan, on 10 August 2013 - 11:47 PM, said:

Do you know what they mean by pre funding? I am assuming you don't since you keep talking about it. It is not requiring the postal service to pay a full pension the day an employee starts. It is asking for the USPS to contribute like everyother company does on a pay period basis. Those evil republicans saw that the only reason the post office was showing positive numbers was because they were not paying into the pensions and with all the baby boomers retiring over the next decade they would not be able to pay them with the lower income they have now which would have been a huge train wreck for thousands of employees. Imagine if you worked for a company that promised you a retirement and after 30 years of delivering mail in snow , rain, wind etc... you were told the company could not afford it and you were on your own. Basically the law is protecting the workers. You of all people on here should be in support of workers rights.


I understand fully what it means. The congress in 2006 (in lame duck session in December AFTER the GOP had just lost the 2006 elections in November and would be losing control of congress), passed a law requiring that the USPS RAPIDLY PRE-FUND benefits to future retires 75 years in advance. To the tune of 5.5 BILLION dollars ANNUALLY. MEANING the USPS is exceeding its revenue intake to fund these retirement benefits for people who will be retiring over 70 years from now. No other company besides the USPS has to set aside 5.5 billion dollars A YEAR to pre-fund benefits. We're not talking about retiring baby boomers here, we're talking about retirement benefits for today's fetuses.


Quote

As far as the cost for rural delivery..... If it costs them $3.00 instead of .44 so what. Cost of living in the country. It's still is a bargain even at $10 to have a package delivered Across the country.


"So what?" "It's the cost of living." Yeah because we know everybody makes the same amount right? Especially people who live in rural areas (where most of the impoverished people in America live). Yeah lets close a post office in a rural community. I guess it's their own fault for living so far away from a city with a FedEx service center. Don't these hicks know FedEx's CEO needs another billion dollars to add to the 2 billion he's already worth.

Last March I sent my brother in Germany a box set of DVDs for his birthday. The USPS charged me (based on weight) around $7 total to send that package from the U.S. to Germany. I can only imagine after FedEx and UPS got through nickel and diming me what they would've charged me.

I also love how people say we don't need the USPS because we can pay our bills online now. My own mother barely even knows how operate a computer and my 92 year old aunt doesn't even own one. Not everybody is computer literate, and not everybody is online. Even in 2013.
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View PostFlyHiJets, on 01 June 2013 - 08:35 PM, said:

You're the scumbag that thinks everyone should kiss the as$es of a bunch of criminals but I'm a dumbass. Yeah okay douchebag. Go give some illegal wetback or Revis another blowjob. But then again.....don't you live in an entirely different country but yet think you can tell us how to live? Go fvck yourself little boy. You're likely still living with mommy & daddy. Pu$$y.


View Postazjetfan, on 02 July 2014 - 03:36 PM, said:

There are a few things I have realized about Mr. Jet over a few topics.

1) He is a racist. By constantly using race as a battling tool.
2) He is an extreme Liberal. If you are on either extreme you are probabaly more wrong than right.
3) He is one of those people who will never admit fault, error or defeat.
4)His life sucks and he takes it out on people who don't share in his views.
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Posted 11 August 2013 - 05:52 PM

View PostMr_Jet, on 11 August 2013 - 12:07 AM, said:

I understand fully what it means. The congress in 2006 (in lame duck session in December AFTER the GOP had just lost the 2006 elections in November and would be losing control of congress), passed a law requiring that the USPS RAPIDLY PRE-FUND benefits to future retires 75 years in advance. To the tune of 5.5 BILLION dollars ANNUALLY. MEANING the USPS is exceeding its revenue intake to fund these retirement benefits for people who will be retiring over 70 years from now. No other company besides the USPS has to set aside 5.5 billion dollars A YEAR to pre-fund benefits. We're not talking about retiring baby boomers here, we're talking about retirement benefits for today's fetuses.




"So what?" "It's the cost of living." Yeah because we know everybody makes the same amount right? Especially people who live in rural areas (where most of the impoverished people in America live). Yeah lets close a post office in a rural community. I guess it's their own fault for living so far away from a city with a FedEx service center. Don't these hicks know FedEx's CEO needs another billion dollars to add to the 2 billion he's already worth.

Last March I sent my brother in Germany a box set of DVDs for his birthday. The USPS charged me (based on weight) around $7 total to send that package from the U.S. to Germany. I can only imagine after FedEx and UPS got through nickel and diming me what they would've charged me.

I also love how people say we don't need the USPS because we can pay our bills online now. My own mother barely even knows how operate a computer and my 92 year old aunt doesn't even own one. Not everybody is computer literate, and not everybody is online. Even in 2013.


So you would rather when these people retire and not have pensions? I guess they can live on SS. Oh wait that is another retirement that is funded after the fact and is in serious trouble. For someone who claims to be as we'll read as you do, you sure seem to be financially illiterate. The great thing about math is that it is precise and always the same. This will never change.unless we can guarantee there will be more people working in the future than now this idea will never work. USPS has been down sizing for years and will continue. The evil GOP saw this and corrected it when it was still able to be corrected. As far as the cost of living in rural areas. There will be trade offs. Cheaper housing for more expensive postage.
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Posted 12 August 2013 - 04:05 PM

View Postazjetfan, on 11 August 2013 - 06:52 PM, said:

So you would rather when these people retire and not have pensions?


These people? What people? The people who aren't even alive yet? Is that who you're talking about? Once again they're pre-funding benefits for some USPS employees WHO HAVE NOT EVEN BEEN BORN YET! How many times do I have to keep saying that? No they shouldn't have their retirement benefits funded 100%, 75 f***ing years in advance. We're not talking about current USPS employees, we're talking about FUTURE employees who will be retiring in the 2080s. No other organization public or private does that other than the USPS. But tell me since you're so much smarter than me. Name one company that can pay 5.5 billion dollars a year to pre-fund retirement benefits 75 years in advance and make a profit at the end of the year? Tell me some names of the companies that could do that.

Quote

I guess they can live on SS. Oh wait that is another retirement that is funded after the fact and is in serious trouble. For someone who claims to be as we'll read as you do, you sure seem to be financially illiterate. The great thing about math is that it is precise and always the same. This will never change.unless we can guarantee there will be more people working in the future than now this idea will never work. USPS has been down sizing for years and will continue. The evil GOP saw this and corrected it when it was still able to be corrected. As far as the cost of living in rural areas. There will be trade offs. Cheaper housing for more expensive postage.



Well I may not be a "Trumpy" fan like yourself but I understand how the USPS is losing money. But you want some math, here is some math.

Quote

Mandate pushed Postal Service into the red for first quarter

By Josh Hicks, Published: February 8 at 9:10 pm

The U.S. Postal Service lost $1.3 billion during the first quarter, but it could have turned a $100 million profit if not for a congressional mandate that officials have long blamed for stifling post office finances, according to the agency’s first-quarter financial statement.

The report, released Friday, shows that the Postal Service paid $1.4 billion toward health benefits for future retirees, an expense that pushed the organization into the red.

Congress passed a statute in 2006 requiring the early payment of 75 years worth of retiree benefits within 10 years. No other federal agency is forced to make such an investment.

“The $1.4 billion in pre-funding charges this quarter accounts for all — and then some — of the overall red ink of $1.3 billion,” National Association of Letter Carriers President Fredric Rolando said in a statement Friday. “Since pre-funding went into effect, it accounts for more than 80 percent of the agency’s red ink.”

The Postal Service, which has repeatedly urged Congress to end or revise the 2006 mandate, defaulted on two of its pre-funding obligations last year.

The Postal Service’s first quarter loss amounted to less than half of the $3.1 billion loss the agency reported for the same period last year.

Shipping-and-packaging revenue increased by $154 million, or 4.7 percent, over the 2012 first-quarter numbers, due, in large part, to growth in Internet shopping and marketing campaigns to promote the agency’s shipping services.

Revenue from advertising mail also increased during the first quarter, climbing $141 million, or 3.1 percent, compared to the same period in 2012. Campaign mailers from last year’s election are thought to have provided a boost.

Despite those gains, revenue from first-class mail, which makes up the lion’s share of the agency’s income, dropped by $237 million, or 3.1 percent, as volume declined by 4.5 percent.

The Postal Service said it suffered a $15.9 billion net loss for fiscal 2012, which ended Sept. 30.

Postmaster General Patrick R. Donahoe announced Wednesday that the agency would end Saturday mail delivery beginning in August to save $2 billion per year.

The director’s unilateral action amounts to a gamble that Congress will not reach a consensus to thwart his plan. He appears to be taking advantage of lawmakers’ dysfunction over budget matters in recent years.

Congress’s last temporary spending plan, which expires on March 27, includes language requiring the Postal Service to deliver mail six days a week. But legislators so far have not said whether they will insist on such a provision in the next appropriations bill.

Donahoe on Friday called for legislators to give the Postal Service greater flexibility in managing its finances.

“We urgently need Congress to do its part and pass legislation that allows us to better manage our costs and gives us the commercial flexibility needed to operate more like a business does,” he said. “This will help ensure the future success of the Postal Service and the mailing industry it supports.”

Sen. Tom Carper (D-Del.), who chairs the Senate committee that oversees the Postal Service, vowed in a statement Friday to push for comprehensive legislation that “reforms, right-sizes and modernizes” the agency.

Carper also criticized Donahoe’s five-day-delivery plan as inadequate for solving the organization’s financial woes.


They could've made a profit in the first quarter if they not had to pre-fund retirement benefits for fetuses that will be retiring 70 years from now.

There are members of congress who have proposed bills to give the USPS the option of doing things like letting people go to their local post office to renew their hunting and fishing licenses (which will help post offices in rural areas make money). Letting people go there to renew their driver licenses, vehicle registration, and register to vote. Letting people go to the post office to cash their checks (which would help post offices in urban areas). Letting people go to the post office to have public internet access (like many public libraries currently charge a small fee for). And letting the post office lease its facilities out to other business (letting companies like Starbucks for example set up shop inside the local post office). I personally would support letting post offices sell candy, soft drinks, and even lottery tickets. There are some e-services that European postal services are providing Europeans that could help the USPS make more money if they did those things in America. Those are all things I support and I think many Americans would support too. The only thing standing in the USPS's way of these new streams of revenue are the Republicans in congress who want to dismantle the USPS. Because they want to try to crush one of the countries largest public employee unions, the National Association of Letter Carriers. That's what it all comes down to.
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View PostFlyHiJets, on 01 June 2013 - 08:35 PM, said:

You're the scumbag that thinks everyone should kiss the as$es of a bunch of criminals but I'm a dumbass. Yeah okay douchebag. Go give some illegal wetback or Revis another blowjob. But then again.....don't you live in an entirely different country but yet think you can tell us how to live? Go fvck yourself little boy. You're likely still living with mommy & daddy. Pu$$y.


View Postazjetfan, on 02 July 2014 - 03:36 PM, said:

There are a few things I have realized about Mr. Jet over a few topics.

1) He is a racist. By constantly using race as a battling tool.
2) He is an extreme Liberal. If you are on either extreme you are probabaly more wrong than right.
3) He is one of those people who will never admit fault, error or defeat.
4)His life sucks and he takes it out on people who don't share in his views.
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Posted 12 August 2013 - 04:27 PM

This article may help you understand it better.

Quote

Yesterday, the United States Postal Service admitted that it will miss a legally required $5.5 billion payment toward pre-funding its promised health-care benefits for retirees. But is this even a cost the USPS should have to cover? The answer, unfortunately, is "sort of." Here's why -- and what we should do about it.

Imagine you have a company with only one employee, Steve. If Steve earns a salary of $50,000 and receives no benefits, you have to pay him cash in the current period and reflect the whole $50,000 as an expense.

Now imagine that instead you pay Steve $45,000 a year and promise to pay for his health care in retirement, assuming that he works for a certain number of years. The present value of the health care benefits that Steve will accrue this year is $5,000.

Your employment expenses are still $50,000 a year, even though you had only $45,000 in actual cash outflows to Steve. Whether or not you set aside money to cover Steve's future health-care costs, you incurred a debt to him, and that's an expense.

Unfortunately, most government entities do not treat the accrual of retiree health-care liabilities as a cost (though they do report the size of the liability). Private firms do treat these accruals as costs. These firms are not legally obligated to pre-fund health-care benefits, but about a quarter do so.

Now imagine that Steve is nearing retirement, and all along you had been promising him health benefits but hadn't set aside any money. In order to reach full funding by the time Steve retires, you would now have to set aside $15,000 per year: $5,000 for the benefits he accrues and $10,000 to build up the fund you never created.

Your extra $10,000 payment amortizes a debt you had accrued in past years; it's not an expense any more than paying off principal on a loan is an expense.

Now let's look at how this example applies to the Postal Service. Until 2006, the USPS handled its retiree health benefits on a "pay as you go" basis. They weren't pre-funded; the service simply paid retirees' health bills as they arose, reporting only those expenses. Because the cost of actually providing health care to retirees in a given year is less than the value of benefits current workers are accruing, that meant the post office was understating the cost of retiree health care.

Then in 2006, Congress forced the post office to start prefunding its benefits for retiree health care on a schedule designed to reach full funding in 10 years. Now, the Postal Service is supposed to put about $8 billion a year toward retiree health care.

But the so-called "normal cost" of health benefits -- the value of the benefits current postal employees are accruing this year, the equivalent of Steve's $5,000 -- is only about $3 billion. To the extent the post office pays the other $5 billion, that shouldn't be counted as an expense; it is going to pay off the Postal Service's debts.

As it happens, even while missing the $5.5 billion payment that's in the news this week, the Postal Service will pay about $2.5 billion this year to provide health benefits to its existing retired workers. So, the service will be short of covering the accrual-basis cost of retiree health care this year, but only by about $500 million.

Going forward, the Postal Service should be expected to cover the normal cost of retiree health care, paying a little bit more than it is right now, but far less than what Congress has obligated it to pay.

That will take care of the cost of retiree health benefits that are earned in the future. But what should we do about the $46 billion in accrued but unfunded benefits? All the plausible options involve taxpayers covering that bill.For example, we could privatize the Postal Service and make the buyer take on the retiree health-care obligation. But that would simply reduce the sale price of the post office by $46 billion -- meaning that taxpayers pay.

Or, we could keep the Postal Service in public hands, restructure it so it produces profits and use those profits to gradually amortize the liability. Basically, this is what the 2006 law was supposed to do, though Congress didn't actually give USPS enough flexibility to restructure. This option costs taxpayers, too -- postal profits that would otherwise go to the government would instead be diverted to pay off the retiree health care liability.

Or, Congress could directly subsidize the post office to fund its retiree health-care costs. Obviously, that would put the cost on the backs of taxpayers.

The only way to avoid having taxpayers bail out the USPS is to default on the benefits, tell current and retired workers that they won't get the benefits they thought they had earned. Stockton, California, is proposing to do this as part of its bankruptcy filing. But that would be a bad option for several reasons -- unlike Stockton, the federal government is not insolvent and therefore ought to keep its promises, even if they were unwise.

It was a big, boneheaded mistake to let the post office run up such big debts -- and therefore understate its losses -- for decades. But trying to squeeze repayment of those debts out of future postal profits is like getting blood from a stone.

The best way forward is to cut our losses, deregulate the post office and sell it -- as has been done all over Europe. Regardless of how the retiree health issue is handled, declining mail volumes mean that the USPS will eventually become insolvent if it is not reformed; the only question is when. Relieving the post office of the obligation to pay the $5.5 billion this year would give us breathing room to get that necessary restructuring done.

And going forward, we should require government entities to pre-fund their health benefits, just as the USPS should have been doing all along. Retiree health benefits are non-trivial costs, and if governments are required to pre-fund, they will be less likely to make irresponsible promises of the sort that sank Stockton and that have helped to undermine the Postal Service.

(Josh Barro is lead writer for the Ticker. E-mail him and follow him on Twitter.)

Read more breaking commentary from Josh Barro and other Bloomberg View columnists and editors at the Ticker.

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Posted 12 August 2013 - 04:49 PM

View PostMr_Jet, on 12 August 2013 - 04:05 PM, said:

These people? What people? The people who aren't even alive yet?


This is not true. I am not sure what liberal media source came up with that for political reasons but here is the link to the USPS site

Quote

http://about.usps.co...r2010_4_002.htm
The pre-funding requirement, as it currently stands, contributes significantly to postal losses. Under current law, the Postal Service must follow a mandated pre-funding schedule of $5.5 billion to $5.8 billion per year through 2016. In 2009, Congress granted a much needed deferral, allowing us to pay $4.0 billion less than the orignally required $5.4 billion payment. This year, Congress opted not to provide this deferral.


Quote

Well I may not be a "Trumpy" fan like yourself but I understand how the USPS is losing money. But you want some math, here is some math.

Not sure why you think I am a fan of his but OK.

Quote

They could've made a profit in the first quarter if they not had to pre-fund retirement benefits
Yes you are correct. Every company could show larger profits if they did not pay benefits.

Again what would you like to see happen? Them not get their benefits? Tax payers pick up the bill?
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Posted 12 August 2013 - 04:56 PM

All you have to do is the math to see your comment about fetus' is incorrect. 5.4 billion is about 75k retirees (this is a very conservative number, Currently the USPS has 700,000) . This is figuring in about a $30k annual income/ $2500 Monthly income plus lets say $5000 per year for insurance. If they were funding for not only the current employees but also the retired and future that number would be more than my calculator can do. It is safe to say you are wrong.
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Posted 12 August 2013 - 05:46 PM

View Postazjetfan, on 12 August 2013 - 05:27 PM, said:

This article may help you understand it better.


So you post an article written by a registered Republican opinion writer (Josh Barro) and highlight parts of the article that are full of maybes and possibilities but not rooted in any real fact. What is funny to me is you used to say that because I am younger than you are that I'm naive. But the writer of that article you just posted is the same age is me (28). Anyway Barro and his article "conveniently" left out the fact that "Steve's" job isn't mandated by the U.S. congress to pre-fund a certain amount his benefits regardless of how much money "Steve's" employer does or doesn't make that year. Barro just glosses over the fact that pre-funding benefits is not a usual practice by most businesses. Most companies pay their retiree benefits as they go along because it's more economical and they don't want to tie up their money in case their company has other needs. He also advocates privatizing a the postal service (a gov't service), because as we all know that has worked out so well for the U.S. military (Blackwater just to name an instance of privatization going bad). We already have private companies like UPS and FedEx that depend on the USPS (a gov't service) to deliver their packages to remote areas, because those companies would lose money if they had to do it and didn't have the USPS to rely on. Of course Barro again conveniently leaves that little fact out. Josh Barro also doesn't mention in his article other efforts the USPS and members of congress have tried to propose to create new revenue streams for the USPS that Republican members of congress have opposed and blocked. Barro also didn't factor in the effects of the Affordable Care Act on his "Steve" character or the possibility that by the time "Steve" retires, we could have a totally single-payer health care system. And that is something else. You know if the United States had a single-payer system like I and many other Americans support. The USPS wouldn't need to pay for their current, retired, and future employee's health care costs. See this is another reason for America to have a single-payer health care system.
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View PostFlyHiJets, on 01 June 2013 - 08:35 PM, said:

You're the scumbag that thinks everyone should kiss the as$es of a bunch of criminals but I'm a dumbass. Yeah okay douchebag. Go give some illegal wetback or Revis another blowjob. But then again.....don't you live in an entirely different country but yet think you can tell us how to live? Go fvck yourself little boy. You're likely still living with mommy & daddy. Pu$$y.


View Postazjetfan, on 02 July 2014 - 03:36 PM, said:

There are a few things I have realized about Mr. Jet over a few topics.

1) He is a racist. By constantly using race as a battling tool.
2) He is an extreme Liberal. If you are on either extreme you are probabaly more wrong than right.
3) He is one of those people who will never admit fault, error or defeat.
4)His life sucks and he takes it out on people who don't share in his views.
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