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Debt Relief – Insolvency – Bankruptcy Information » Uncategorized » US Postal Service Near Default – Chapter 11 Bankruptcy

US Postal Service Near Default – Chapter 11 Bankruptcy

US Postal Service Near Default – Chapter 11 Bankruptcy The US Postal Service does not have the money to meet an obligation to a retiree health care trust fund coming due at the end of the month, but if there’s a default, officials promise no interruption in the mail, the payroll, or payments to suppliers. Commenting in response to a New York Times article Monday suggesting the Postal Service may have to shut down within months, spokeswoman Yvonne Yoerger told CNN there’s “nothing actually new in the Postal Service’s position.” “We are required to make this $5.5 billion dollar payment into the future retiree health benefits fund, and probably won’t be able to make it when it comes due September 30th.” The fund was mandated by a 2006 postal reform act that postal officials today believe does not match the reality of declining revenues and a smaller workforce. Tuesday, congressional lawmakers will address the matter in a hearing on postal operations. Yoerger said at that hearing, Postmaster General Patrick Donahoe will insist that the fund be re-scaled from the days when there were 900000 people on the payroll. The mandated funding level has not changed in the years since then, although the Postal Service has trimmed 250000 jobs. She said “the fact is, no other government agency, and few corporations in the private sector are required to fund retiree health benefits 75 years out.” The newspaper quoted US Sen. Thomas Carper, D-Delaware, as saying the financial problems are so


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25 Responses to "US Postal Service Near Default – Chapter 11 Bankruptcy"

  1. silviasboy says:
    the greedy banks are waiting for this opportunity i bet. imagine how fees from online transaction can bring them the bucks ! online payment fees coming from a million postal haters is a generation of a gazillion of cash !! yeaaah !!
  2. TheAnnoyingTroll7 says:
    @pb4lyf Everyone is talking about the postal service shutting down completely and i dont understand the logic. Revenues are down but we are still talking about billions of dollars coming in. Revenues just dropped too fast and they have too many employees on the payroll. If 20% of the workforce is preventing the USPS from being profitable why would they lay off 100% of the workforce? So in the future they wont make 50,000,000,000 they’ll only make a tiny 20,000,000,000.
  3. pb4lyf says:
    I pay my bills though mail, I’m pretty sure not everyone want to put their personal details though the internet, just take a look what happend to PlayStation Network? All the user’s personal details were stolen, and some cerdit cards were charged with things that the hacker used. Now, they’re talking about paying bills on the internet? It’s not right to depend on the internet for paying bills, and a numerous of other ways.
  4. TheAnnoyingTroll7 says:
    @pb4lyf There is an entire generation of senior citizens that dont even know how to use a computer. The only thing keeping them alive is waiting for the mail man and wheeling themselves to the end of the driveway. When they die so will the USPS.
  5. pb4lyf says:
    For goodness sake, people who lived in 10,000BC didnt have a problem coummunicating with letters, and they walked miles away to deliver. This is the oldest way to communicate, it will be a shame for the human race to cut this out.
  6. TheAnnoyingTroll7 says:
    @MatrixFactoryGuy Postal employees are tax payers too. LOL!
  7. TheAnnoyingTroll7 says:
    @MatrixFactoryGuy Postal revenues do not come from tax dollars moron. If you want the postal service to fail don’t buy stamps and don’t except your mail. Trust me I get it, people don’t care about each other, If tomorrow your wife was gang raped, your children beheaded and you were shot in the head the only people that would care are the people that know you personally. You and noone you know works for the postal service so you say FUCK EM and i dont know you so i wouldnt care about you. Get it?
  8. fokdrednek01 says:
    Lets just bailout all this companies and be done with it, Gm, CHrysler, same all shit!
  9. seedfromatree says:
    Imagine all those disgruntled postal workers hitting the streets; angry, unemployed, and armed with ak-47s!
  10. MatrixFactoryGuy says:
    postal service is no different than the auto unions that ruined USA with their corrupt presidents and overpaid members……now who is stuck with the bill? yea…you and me…the people who do the right thing and live within their means

    American taxpayers are stuck with the bill paying for these lousy good for nothing Union members who are all living high on the hog

    i say FUCK EM

  11. TheAnnoyingTroll7 says:
    @MatrixFactoryGuy There are websites that post postal and all government employee salaries. I’m sure most of them make more than you do but it’s not because they make millions it’s because you are a failure at life. You’re obviously jealous at the fact you have to work 80 hours a week with no benefits, but taking what others have away will not improve your life just make them as miserable as you.
  12. 70short says:
    postmaster looks like a billionaire alitist
  13. MatrixFactoryGuy says:
    please bail out the postal service so postal retirees can continue to live in million dollar homes and help pay for their yachts and indoor swimming pools
  14. TheAnnoyingTroll7 says:
    @amcent2 When G.M. was going under all I heard was “Lay off those fucking assholes, shoot them all in the head, throw their babies into boiling vats!”and you can say the same about usps because it doesnt affect YOU. If the mcdonalds you worked at closed I wouldnt care what happen to you either it’s the american way. Postal revenues aren’t generated by tax dollars, so just go to the end of your driveway, remove your mailbox and throw it in the garbage. That will show them.
  15. amcent2 says:
    that’s what ya get with massive affirmative action hires. to post office employees- i hope your pensions and benefits are revoked you fucking worthless leeches.
  16. nd2533 says:
    Great more Jobs loss in this Bankrupted Country!! The FED Needs to Blow up. An all the Oil and Gas that we have more then any Country in the World and won’t pump. These people Lie and Lie and Lie and Lie and Own us. We the people need to Raise up in Mass. It is time the Goverment Fears us.
  17. daisyroots says:
    How have they not made a profit? They charge for their services….There is no reason for them to be insolvent. do you smell privatization?
  18. phantomscolts2 says:
    send them home and then send the white house freaks home …
  19. chadberry75 says:
    there’s always fed-up and u.p.s me off….
  20. marvintheboon says:
    this is all about getting them to disrupt the prepayment for the retirement plans for current employees. they do this every month.
    Last month the union clown tried to get the post office to use the carriers to spy on the citizens, which would mean more work, and overtime. they said they are experts at scanner device procedures.
    they’re not suposed to make a profit, just supply a service, mail delivery. when they started marketing themselves as a business tool, they pay out 6 figure salaries.
  21. docatomics says:
    =gerattoo !
  22. TechArcturian says:
    this is depressing. 2012 soon! :(
  23. grizzzlyjoe says:
    @docatomics They may get me to bend over, but, damn it, they’ll have to “spread them” themselves!
  24. kevreilly7 says:
    hmmm….another union industry going down…first auto manufacturers…now postal….hmmm….I wonder if a pattern is developing….
  25. grizzzlyjoe says:
    @SurvivalWithBushcraf This is one of the few corporations that wholly serves the People. The privatization of the Post Office was a symptom our government’s transition into a corporatocracy.
    “A Corporatocracy denotes a system of government that serves the interest of corporations and involves ties between government and business.”
    We’ve been sold out lock, stock and barrel. This is just an example of what has happened to our country.

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