this is an easy to follow paper, short and sweet, from a pro post office POV.. http://my.firedoglake.com/mmonk/201...nging-down-the-american-postal-workers-union/ Its not "fair" but at the time the postal service was a mess..and as stated, this was to protect the tax payers from shouldering the loadif the system failed. In a perfect world, all public unions should have to self fund..why and how is it right that they can make demands and we have to pay?
I've read that before. Key parts: At the heart of the matter is a 2006 Congressional mandate put on the US Postal Service contained in the “Postal Accountability and Enhancement Act of 2006” to pre-fund healthcare benefits of future retirees, a 75 year liability over a 10 year period. No other agency or corporation is required to do this. This provision costs the Postal Service $5.5 billion a year. When you add in an adjustment that was made in how workers’ compensation costs were calculated based on interest rate assumptions and long term predictions concerning health care and compensation of $2.5 billion (a non cash accounting adjustment), you come up with $8 billion in cost. Actual loss was $500 million and when added, comes to the $8.5 billion reported for 2010. While $500 million is a lot, it doesn’t compare with $8.5 billion and is down from the previous year loss of $1 billion. If you took out the onerous pre-funding mandate, the Postal Service actually shows a $700 million profit over the last four years instead of the $20 billion loss. The Postal Union has been trying to get Congress to authorize the transfer of the Postal Service’s money estimated to be between $50 billion and $75 billion overpaid in the Civil Service Retirement System transferred into the PSRHBF.
I believe bloomberg on this latest http://www.bloomberg.com/news/2012-11-15/u-s-postal-service-on-tightrope-loses-15-9-billion.html not as pretty a picture as the usps would like you to believe
I don't think this is an issue to do with over generous pensions. The requirement that they fully fund their future liabilities in full now seems ridiculous to me. Consider if you were guaranteed a $50K/year retirement package that your employer would either: 1) Contribute ~$20K/year for the ~50 years you work for them so they have $1M socked way earning 5% or your $50K. or 2) Contribute $1M now and wait 50 years for you to need to be paid. I think 1 is how it generally works, and is most reasonable. Otherwise, the USPS couldn't possibly hire anyone easily because they'd have to pay that $1M now per hire.
Hallelujah! Finally a believer! I told some staunch republicans in vague terms that USPS isn't to blame for going under and that the bush administration pushed them into bankruptcy. (yes I know skewed) and they laughed me off.
you base opinion one a sliver of history..look deeper into how well ran the postal service has been ran..typical, blame bush..
I am impatient for Republicans to privatize the mail. I am tired of paying 45 cents for someone to carry my letter 2000 miles. I am eager for the profiteers to drop that price, because government is inefficient and private business does everything better.
The first four F-16's were flown to Egypt today. I found a three year old quote from our Muslim Brotherhood ally, Mohamed Morsi. I think it gives a pretty good idea of how he feels about Israel and the US. Maybe he's just changed his mind and loves the US now, but I'm think'n probably not. - Mohamed Morsi Jan. 2010 But, HELL yes, let's give them our jets and tanks. Yay! Go Blazers
Some people steal from the government, so you blame the government. You probably blame rape victims too.
Govt. isn't competent enough to manage the people's money. Big govt. lovers' answer to fraud is to spend even more.
