Postal Service reports $5.2B loss in 3rd quarter

Discussion in 'Economy' started by Nova78, Aug 9, 2012.

  1. Nova78
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    Nova78 Silver Member

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    XFINITY - Postal Service reports $5.2B loss in 3rd quarter

    The nearly bankrupt U.S. Postal Service on Thursday reported losses of $57 million per day in the last quarter and warned it will miss another payment due to the U.S. Treasury, just one week after its first-ever default on a payment for future retiree health benefits.

    From April to June, losses totaled $5.2 billion, up $2.1 billion from the same period last year.

    The mail agency said it is being hurt significantly by mounting expenses for future retiree health benefits. Those expenses, mandated by Congress in 2006, made up $3.1 billion of the post office's quarterly loss, while workers compensation tacked on another $1.1 billion in expenses. The agency's operating loss was $1 billion, mostly due to declines in first-class mail.

    "We have simply reached the point that we must conserve cash," Thurgood Marshall Jr., chairman of the Postal Service's board of governors, said in explaining the payment defaults. He cautioned that the mail agency may have to delay other payments if necessary.

    Put a fork in it ,is done for. The government fucks -up everything , I am sure Obama will pull some money out of his ass and bail them out......

    $what-change-looks-like.jpg
     
  2. Rshermr
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    Rshermr VIP Member

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    The idea that government services such as mail delivery should be cost-effective is a conservative fetish, with no grounding in the Constitution, history or practice. If every government program were held to this standard, we would have no interstate highways. No international airports. No Internet. No levees on the Mississippi and no Hoover Dam.
    And as a fiscal crisis, this is as artificial as they come. It's largely the result of a republican supported 2006 law that required the Postal Service — almost alone among public and private enterprises — to pre-fund its entire future liability for retiree healthcare expenses. The payments totaled $38 billion through 2011, with further installments of between $5.6 billion and $11.1 billion a year due through 2016.

    Funny how you missed that.
     
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  3. Nova78
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    Nova78 Silver Member

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    Missed what ?-that both dems and reps are all corrupt, I am a fan of know one in d.c, for all I care we should plow it all up and start over again.....
     
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  4. waltky
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    waltky Wise ol' monkey Supporting Member

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    Postal service bleedin' like a stuck pig...
    :eek:
    Postal Service Losing $42,335,766 Per Day
    August 9, 2012 - The U.S. Postal Service has been losing an average of $42,335,766 per day in fiscal 2012.
     
  5. uscitizen
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    uscitizen Senior Member

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    Good one, and yet to the right it is all somehow Obama's fault....
    Pathetic losers.
     
  6. waltky
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    waltky Wise ol' monkey Supporting Member

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    Post Office still losin' money...

    U.S. Postal Service Lost $5.1B in FY2015
    November 18, 2015 | Despite an increase in revenue of $1.1 billion, the U.S. Postal Service reported a net loss of $5.1 billion for Fiscal Year 2015, which ended on September 30th. "The U.S. Postal Service reported a net loss of $5.1 billion for fiscal year 2015 (October 1, 2014 - September 30, 2015)," the Postal Service said in an news release.
     
  7. EdwardBaiamonte
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    EdwardBaiamonte Gold Member

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    Obama is a treasonous socialist who would like to see a govt monopoly run everything so as president he is a great symbol of the problem.
     
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  8. Jomama
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    Jomama VIP Member

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    The issue is that WASTE is THEFT. How do we know it's theft (like real devious intent)? because people fight change. We cant afford it to fund stupidity anymore and since it is a public institution it should be managed as a fiduciary and built to return VALUE. Could be valuable services or cost savings. I'd like to see the USPS offer debit card services (I believe they are charted for this and I would trust them more than my bank) and I'd like to see my little home town post office shut down and a mail concession sold to the general store across the street. Save losses and sell the property. We are missing courage and leadership in Washington and that's the root problem.
     
  9. TheOldSchool
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    TheOldSchool Diamond Member

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    Yes the GOP has destroyed the USPS. We are witnessing its death throes now.
     
  10. EdwardBaiamonte
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    EdwardBaiamonte Gold Member

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    100% stupid and liberal. USPS should be privatized with competition. Capitalism is the only way to make efficiency and value a matter of daily survival.
    Do you have the IQ to understand?
     

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