Bloomberg News today posted an article stating that the U.S. Postal Service had to affirm to the U.S. Treasury that it won’t be able to pay a required $5.5 BILLION payment to its retirees’ health plan. In an email to the Bloomberg News, Republican California Representative, Darrell Issa, said that the USPS has been declining due to “decades of mismanagement, and a willful blindness to fundamental changes in America’s use of mail.”
The Post Office – We’re talking about an American institution, which was essentially established all the way back in 1775 under Ben Franklin, and it is facing some tough times. People don’t send near as many letters as in the past, and other package delivery companies, like UPS and FedEx, threaten to take away what remains of its already shaky turf. This threatens them with many local post office closings, reduced delivery days, potential layoffs, and possible reductions in the fat benefits postal workers have come to expect.
What will the outcome be for them for missing this payment, and how will it affect its legion of retired workers? Read the article “Postal Service to Miss $5.5 Billion Payment to U.S. Treasury.”