Drum Roll Please. Our Latest Bailout Candidate? The US Postal Service!

[deejaydana]

I wonder what Cliff Claven thinks of this development. That first sentence below had me laughing. We ain't here for a bailout, we're here for 'help.'

“We are not here today to ask for a taxpayer bailout, but we are here to ask the Congress for help,” William Young, president of the National Association of Letter Carriers, said in his prepared testimony. “At this moment, the survival of the Postal Service — a venerable institution that is literally older than our country — hangs in the balance,” he added.

Even if the agency succeeds in reaching its planned cost cuts of $5.9 billion, there could still be a $6 billion deficit in 2010, Potter told the House Oversight Subcommittee on the Federal Work Force and Postal Service.

“Without a change we will exhaust our cash resources,” Potter said. “We can no longer afford business as usual.”

entire link below:

http://www.msnbc.msn.com/id/29877702

[Peeping Wizard]

Let's keep thowing billions at obsolete business models. Sounds like a great idea. If they happen to have "historical value" that is even better as we can use it to evoke an emotional response from the public.

[DCsportsfan53]

couldn't they just bump the cost of stamps a little bit? Hell, they could probably make that whole defecit up by simply charging $.02 more on credit card offer mailings.

[BigMike619]

arent they supposed to not deliver mail any more on saturdays?

[GibbsFactor]

So what's their budget? 6 billion? Are they saying that they were operating at 18? (not knowing their actual budget and giving them the benefit of the doubt)

And you wonder why we are screwed.

[ECU-ALUM]

And the hits just keep in coming.

To quote CCR, "Looks like we're in for nasty weather."

[ACW]

Hell, they could probably make that whole defecit up by simply charging $.02 more on credit card offer mailings.

:idea:

[BurntToast]

The Postmaster General makes the AIG execs look like saints.

http://www.washingtontimes.com/news/2009/feb/17/in-hard-times-postmaster-earned-800000-in-pay-perk/

[Raub]

For years the Postal Service was the only government entity that operated in the black. We should probably cut them a little slack given the current economic situation.

[Kilmer17]

Anyone ever seen the speed and efficiency that postal workers show at your local post office?

The answer isnt higher stamp rates or bailouts, it's getting cushy govt teetsuckers to work harder for their checks.

[Thiebear]

Stop doing Sat and Sun.

[Raub]

The Postmaster General makes the AIG execs look like saints.

http://www.washingtontimes.com/news/2009/feb/17/in-hard-times-postmaster-earned-800000-in-pay-perk/

Did you read the other article? That figure includes the cost of a security detail, his retirement fund, and a bonus that will be paid out over 10 years after he retires. It's a very misleading number. His actual pay is like $260,000. The gov't does this with everyone. I get a statement every year that tells me that my compensation as a soldier is like $100,000 a year or something ridiculous like that. Of course, that is them trying to put a value on the health care, retirement benefits, and everything else I receive from the military.

[mjah]

Anyone ever seen the speed and efficiency that postal workers show at your local post office?

The answer isnt higher stamp rates or bailouts, it's getting cushy govt teetsuckers to work harder for their checks.

To be fair, there's no reason for anyone at my local post office to be fast or efficient. There are never many customers in there. Even at peak hours you have maybe three people in line for each of two postal employees at the desk. Most of the day, nothing happens.

I'd hate to lose a post office that I can walk to, but there's no way my local post office is making money. The employees, the facility costs, the incremental pickup and delivery transportation costs for my little post office plus the one half a mile up the road plus the one another mile up the road vs. consolidating them? There's no freaking way the current network is right. And I suspect much of America looks similar. I bet a little bit (or a lot) of carefully considered facility consolidation would do wonders for their bottom line.

Of course, that would lead to some job loss and then we'd be complaining about that too. I dunno.