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Wed Jan 16, 2013, 09:47 AM

Inspector General: USPS bailout or shutdown

Source: UPI

The troubled U.S. Postal Service has reached its own debt ceiling and will go out of business this year unless Congress rescues it, the inspector general said.

"The choices are that it would cease to exist or it would need a bailout," David Williams, the chief postal watchdog, told Britain's The Guardian newspaper.

The service -- one of the few government agencies explicitly authorized by the Constitution -- has reached its $15 billion credit limit with the U.S. Treasury and has effectively run out of money, said Williams, whose job is to prevent fraud, waste and program abuse and promote USPS efficiency.

"This is the year that they borrowed so much that they can't borrow anymore," he told the newspaper.



Read more: http://www.upi.com/Top_News/US/2013/01/16/Inspector-General-USPS-bailout-or-shutdown/UPI-80811358326800/?spt=hs&or=tn

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Reply Inspector General: USPS bailout or shutdown (Original post)
Redfairen Jan 2013 OP
srican69 Jan 2013 #1
gateley Jan 2013 #2
HowHasItComeToThis Jan 2013 #10
gateley Jan 2013 #11
mike dub Jan 2013 #22
gateley Jan 2013 #24
mac56 Jan 2013 #3
mikeysnot Jan 2013 #4
gateley Jan 2013 #12
Bradical79 Jan 2013 #15
LibertyLover Jan 2013 #30
kardonb Jan 2013 #19
FiveGoodMen Jan 2013 #32
UpInArms Jan 2013 #17
gateley Jan 2013 #25
dixiegrrrrl Jan 2013 #28
earthside Jan 2013 #5
ybbor Jan 2013 #6
think Jan 2013 #13
ybbor Jan 2013 #14
think Jan 2013 #16
heaven05 Jan 2013 #7
JustABozoOnThisBus Jan 2013 #8
DetlefK Jan 2013 #9
stultusporcos Jan 2013 #18
Bandit Jan 2013 #20
stultusporcos Jan 2013 #21
MadrasT Jan 2013 #23
think Jan 2013 #27
stultusporcos Jan 2013 #29
upaloopa Jan 2013 #26
elleng Jan 2013 #31

Response to Redfairen (Original post)

Wed Jan 16, 2013, 09:56 AM

1. Free them to do their own thing and they will thrive ... let them provide banking services like

postal services do in many countries ( in addition to top notch postal service) ...

they have so many branches ... they will beat the crap out of many other commercial banks.

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Response to Redfairen (Original post)

Wed Jan 16, 2013, 09:57 AM

2. This is outrageous!

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Response to gateley (Reply #2)

Wed Jan 16, 2013, 10:25 AM

10. REPUBLICANS ARE AT WAR WITH OUR DEMOCRACY

DON'T SHADE YOUR EYES PRIVATIZE

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Response to HowHasItComeToThis (Reply #10)

Wed Jan 16, 2013, 10:27 AM

11. I was just thinking, people have no idea what we'd be in for if it were privatized.

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Response to gateley (Reply #11)

Wed Jan 16, 2013, 12:25 PM

22. if it were privatized

the first thing I would think is that the 'company' running the postal service would absolutely jack postage rates...and continue raising them to their heart's content.
...much like cable providers continually jacking cable rates ( OT; this is why we just have an off-air HDTV antenna, now, btw)

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Response to mike dub (Reply #22)

Wed Jan 16, 2013, 12:31 PM

24. Remember during Sandy the stuff going around about victims finding

a phone booth to call for help and it was "enter your credit card number" (in a Romney world).

Of COURSE the prices would be jacked up. They wouldn't do a "better job" -- that's not their intent. Their intent is profit. So I'm thinking higher prices, sub-standard service. What could we do? We'd be over a barrel. The almighty dollar.

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Response to Redfairen (Original post)

Wed Jan 16, 2013, 10:00 AM

3. Congress needs to undo the requirement they imposed

making them set aside enough money to pay almost all retiree health benefits for the next 75 years.

The USPS is the second largest employer in the country after.. you guessed it.. Wal-Mart. Are there Congress members so stupid that they don't understand the consequences of letting the second largest employer in the country go under?

http://namebrandketchup.wordpress.com/2012/11/28/let-us-now-praise-the-united-states-postal-service/

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Response to mac56 (Reply #3)

Wed Jan 16, 2013, 10:01 AM

4. "Are there Congress members so stupid"

no just some of them are, the ones that want to address the "deficit" by attacking things that did not add to the deficit.

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Response to mikeysnot (Reply #4)

Wed Jan 16, 2013, 10:28 AM

12. No, they're just greedy.

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Response to mikeysnot (Reply #4)

Wed Jan 16, 2013, 10:48 AM

15. I don't think it was stupidity...

I think they knew exactly what they were doing, and exactly what sort of effect it would have. They just have different motivations. A lot of them really don't give a damn about the deficit.

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Response to Bradical79 (Reply #15)

Wed Jan 16, 2013, 02:35 PM

30. If you haven't read "It's Even Worse Than It Looks:

How the American Constitutional System Collided with the New Politics of Extremism" by Thomas E. Mann and Norman J. Ornstein, I think you'd find it interesting. Well, frightening really. It discusses the motivations of the "party of no" and how they are impacting the US even as we "speak". And let me tell you - it ain't in a good way either.

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Response to mikeysnot (Reply #4)

Wed Jan 16, 2013, 12:15 PM

19. stupid ?

No ,its just their obsession to make anything fail , so they can blame it on the president . Ideological troglodytes !

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Response to kardonb (Reply #19)

Wed Jan 16, 2013, 06:44 PM

32. They want to make things fail so that they can take them over and make more money

Voters and preachers may have ideological problems with Obama, but the people with real power just want more power (money, same thing).

I don't think they give a rat's ass who hands them that additional power.

Why should they?

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Response to mac56 (Reply #3)

Wed Jan 16, 2013, 11:02 AM

17. here's what I know about why this happened

Sen. Carper was one of the co-authors of the 2006 law. As discussed in the attached memo, the Bush Administration insisted on the healthcare retiree pre-payment requirement in order to make the bill deficit neutral. The USPS agreed to that condition because at the time it was able to cover those costs (2006 was the height of mail volume for the USPS). Sen. Carper has proposed addressing this significant financial strain for the USPS in his reform legislation the POST Act which would allow the USPS to use the billions it has overpaid into 2 federal retirement programs the CSRS and the FERS and use that money to meet the pre-payment requirement.

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Response to mac56 (Reply #3)

Wed Jan 16, 2013, 12:33 PM

25. I think that's the number one thing they should rectify. And if it got lots of press

(like it didn't when the initial bill was passed) I think the citizenry would rise to the occasion and let their representatives know.

As always, we'd need to message it right -- and why have we been mum, by the way????

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Response to mac56 (Reply #3)

Wed Jan 16, 2013, 01:10 PM

28. Congress is not stupid, but is a wholly owned subsidiary of Corporations.

There was a piece here couple days ago that talked about how a Congressperson spends their day, and over half of it was in fundraising, every single day, for re-election. Being on the phone to big money and fund raising to perpetuate themselves in office.
They only spent less than 2 hours a day on legislation and congressional stuff.

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Response to Redfairen (Original post)

Wed Jan 16, 2013, 10:03 AM

5. Shut it down!

And within five days the American people will be screaming to start it right back up.

The reactionary Repuglicans/Tea Party types like to say that the Post Office is obsolete ... but, of course, they are the ones who have prevented it from fully engaging in 21st century technology.

And there are some non-conservatives, too, who buy into the notion that we don't need a Post Office anymore because of email, electronic files, FedEx, etc. (The same people who think libraries are obsolete, no doubt.)

But tell that to still millions of folks who get bills and checks in the mail --- wherever they live -- in New York City or some two-bit village in Idaho.

Who is going to deliver your mail ballot in those progressive states with a mail ballot system? How will Amazon and other such companies still give you 'free' shipping? Do you think grandma is going to pay UPS five dollars to send a birthday card with $10 in it for her ten year old granddaughter?

We need the Post Office and we will find out how much we still rely on this 'obsolete' institution once it is gone.

We should pressure Congress and Pres. Obama to let the Post Office get out from this ridiculous pre-paid pension and medical care requirement that the troglodyte Repuglicans have saddled it with; and we need to let the Post Office fully compete with services for the digital age.

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Response to Redfairen (Original post)

Wed Jan 16, 2013, 10:04 AM

6. Another example of Repubs making sure gov't doesn't work

They inserted a poison pill to kill the PO:

"The health of the Postal Service lies largely in the hands of Congress, which has made a tremendous accounting strategy error. In 2006, President George W. Bush signed the Postal Accountability Act that requires the agency for 10 years to pre-pay retiree pensions 75 years in advance. As a consequence, the agency has added a whopping $5.5 billion annually to its balance sheet and will continue to do so until 2017."

They are required to pay pensions for workers not even born yet.

More here:

http://www.prnewswire.com/news-releases/issa-blocks-fix-of-post-office-pension-prepay-time-bomb-says-robert-weiner-former-spokesman-for-us-house-govt-reform-comm-bipartisan-bill-has-229-sponsors-but-chairman-issa-pushes-privatization-159224595.html

Such complete and total BS! Another attempt to kill the largest number of union jobs in the nation!

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Response to ybbor (Reply #6)

Wed Jan 16, 2013, 10:32 AM

13. Yep. A Republican manufactured crisis designed

to make a public sector entity look like it is incapable of functioning without continued government assistance and bailouts.

The sad part is that the main stream media is playing along and is seemingly complicit in feeding the American people a false narrative in regards to why the USPS is having the problems it is having. This furthers the cause of Republican sleazy tactics to close down public services and privatize them for their corporate overlords.

I hope Sanders, Warren, Grayson, and Obama? will call the Pugs out on this. At this point many Dems also seem to be quietly and tacitly allowing this fiasco to continue.

Dems NEED TO CALL BULLSHIT OUT WHEN THEY SEE IT!




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Response to think (Reply #13)

Wed Jan 16, 2013, 10:46 AM

14. I totally agree

I have heard Bernie Sanders talk about it on Thom Hartmann a lot, and can only hope that Mr Grayson joins in, as I'm sure he will. Not counting on Obama, unfortunately.

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Response to ybbor (Reply #14)

Wed Jan 16, 2013, 10:56 AM

16. I can see Grayson weighing in. Obama should weigh in but

like you I am not counting on it.





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Response to Redfairen (Original post)

Wed Jan 16, 2013, 10:07 AM

7. only

because the rethug snakes who want to give their buddies big contracts after privatization made the USPS fund, immediately, their retirement fund for the next 75 years. No other agency, business ect has ever had to do something like this. They haven't fooled me with their lies about postal service inefficiency. I worked there and we got/get the mail out everyday with a 93percent on time efficiency. They are "troubled" only because of the forced prepayment funding of the retirement fund for the next 75 years now. Billions right there. It's a rethug scam. There was an op about corruption on here recently and all the american pie eaters were saying how we are not that corrupt This is corruption of the highest, with rethugs at the helm. They have always been envious of the pay and benefits offered to a postal worker under CRS, which is being phased out and FERS. The rethugs would like all postal workers with walmart salaries and no benefits. The USPS is not perfect but has done a wonderful job delivering mail to the american people for generations. The privatization clowns want this system to be able to give large contracts to their buddies, pure and simple corruption.

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Response to Redfairen (Original post)

Wed Jan 16, 2013, 10:10 AM

8. This is series!!11! I have "forever" stamps!

They can't never not honor my "forever" stamps!

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Response to Redfairen (Original post)

Wed Jan 16, 2013, 10:22 AM

9. EDIT: found answer in posts above

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Response to Redfairen (Original post)

Wed Jan 16, 2013, 11:11 AM

18. So since 2008 how many bills did Dems write or modify to fix what W and the GOP did when he was

 

heading out the door?

I never hear or read about PBO saying it is a problem either.

Seems to me a whole bunch of Dems are for destroying the USPS too.

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Response to stultusporcos (Reply #18)

Wed Jan 16, 2013, 12:18 PM

20. You do understand that bills don't automatically go to the floor

Bills go before committees before anyone gets to see them or even hear about them. If the committee wants to get rid of the bills they just table them, never to be seen or heard about again. There were many Democratic amendments added to the bill to reverse the problems that could easily be forseen. Those amendments were dropped along partisan lines and the bill passed the house in a lame duck session with ONLY Republican votes......As long as Republicans hold a majority inthe House they can stop any Democratic bill from seeing daylight....

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Response to Bandit (Reply #20)

Wed Jan 16, 2013, 12:21 PM

21. Dems have the Senate and can get things done

 

yet nothing.............................

Dems also have the Bully Pulpit too......and ......nothing

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Response to stultusporcos (Reply #21)

Wed Jan 16, 2013, 12:29 PM

23. Spending bills start in the HOUSE. n/t

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Response to MadrasT (Reply #23)

Wed Jan 16, 2013, 12:51 PM

27. Perhaps if they spoke UP the American people would hear them.

Congress critters could speak up anytime they want to. Yet crickets.........

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Response to think (Reply #27)

Wed Jan 16, 2013, 01:11 PM

29. Sen Bernie Sanders does talk about it all the time but he is just 1 voice and not even

 

a democrat.

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Response to Redfairen (Original post)

Wed Jan 16, 2013, 12:38 PM

26. Borrowed to fund unnessasary pension contributions

Why don't they include all the facts

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Response to Redfairen (Original post)

Wed Jan 16, 2013, 03:23 PM

31. Just wrote about this to my NEW DEMOCRATIC member of Congress,

John Delaney, MD 6th District.

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