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"Operationally speaking, the USPS nets profits every year. The financial problem it faces now comes from a 2006 Congressional mandate that requires the agency to “pre-pay” into a fund that covers health care costs for future retired employees. Under the mandate, the USPS is required to make an annual $5.5 billion payment over ten years, through 2016.These “prepayments” are largely responsible for the USPS’s financial losses over the past four years and the threat of shutdown that looms ahead – take the retirement fund out of the equation, and the postal service would have actually netted $1 billion in profits over this period." The U.S. Postal Service | Need to Know | PBS
"Operationally speaking, the USPS nets profits every year. The financial problem it faces now comes from a 2006 Congressional mandate that requires the agency to “pre-pay” into a fund that covers health care costs for future retired employees. Under the mandate, the USPS is required to make an annual $5.5 billion payment over ten years, through 2016.These “prepayments” are largely responsible for the USPS’s financial losses over the past four years and the threat of shutdown that looms ahead – take the retirement fund out of the equation, and the postal service would have actually netted $1 billion in profits over this period." The U.S. Postal Service | Need to Know | PBS
That is not taking anything from there. That is forcing them to fund their debts. Something every single business must do.
The Post Office sucks because in right wing "Reagan is God!!" land, everything that the government does (except the military), has to be a complete disaster, whether it is in fact a disaster, or not. It's called "an agenda".
One company is going to fail if it charges $18 to send a package an the other does it for $6 and needs the taxpayers to make up the difference in actual costs.
"Operationally speaking, the USPS nets profits every year. The financial problem it faces now comes from a 2006 Congressional mandate that requires the agency to “pre-pay” into a fund that covers health care costs for future retired employees. Under the mandate, the USPS is required to make an annual $5.5 billion payment over ten years, through 2016.These “prepayments” are largely responsible for the USPS’s financial losses over the past four years and the threat of shutdown that looms ahead – take the retirement fund out of the equation, and the postal service would have actually netted $1 billion in profits over this period." The U.S. Postal Service | Need to Know | PBS
I know that the USPS often gets a bum rap but I am currently finding out that the USPS can, indeed, be a great choice for sending small packages.
Last week, I ordered two identical items from a company in the Bay area. For reasons unbeknownst to me, the company decided to place two different shipments of these two items: One with USPS, one with UPS. I don't think there is any rhyme or reason to it but I do know that the USPS package was shipped "First Class" while the UPS item was shipped "Ground." Both items left the facility on the same day.
Without knowing the details, I would assume that actual shipping costs must have been comparable - or there would have been a clear preference for one shipper over the other.
The USPS package arrived today - incredibly fast.
The UPS package is schedule to arrive seven days from now!
The USPS should pay for the retirement fund, but they don't need to do it through a ten year pre-paid fund that gives them no room to adjust their finances.
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