Next up for bailout? U.S. Postal Service »
Posted By MyWayOnNow 1 year, 1 month ago in Business & FinanceAdd the U.S. Postal Service to the list of ailing businesses seeking help from Congress. The agency asked Congress last week to allow it to dip into a trust fund to pay for its retirees’ health care. In addition, the agency plans to cut 100 million work hours this fiscal year, its board of governors announced last week.
Both steps illustrate the Postal Service’s dire financial condition: It lost $2.8 billion in 2008, despite slashing nearly $2 billion in expenses. Experts say the 2008 numbers underline the need for more sweeping changes.
And they say the next Congress will have to make a tough choice: Either allow the Postal Service to operate more like a business, which could mean numerous facility closures and the end of Saturday delivery, or hand out billions of dollars in subsidies to keep the Postal Service solvent.
Read Full Story at federaltimes.com »
491 Views Share Story 1 Comment Report
Submitted By:
MyWayOnNow
I am Editor In Chief of MyWayOnNow Social News connecting you with friends and the news.
Who Also Submitted: All »
Other Related Articles: All »
RSS Join the Discussion
+ Add CommentComments So Far: 1 (view all)
-
Neutral
doppich1 year, 1 month ago
This comment is below the standard viewing threshold View It »
The author says the alternatives are to "operate more like a business" or have the Congress "hand out billions of dollars in subsidies" to the Postal Service.
Reply
Where's this guy been? There are about 700 billion examples of why business and subsidies are not mutually exclusive. See "Wall Street, Bailout."
Add a Comment
Sign In With Your Propeller Account
Please keep your comments relevant to this story.
To create a live link, simply type the URL (including http://) or email address and we will make it a live link for you. You can put up to 3 URLs in your comments. Line breaks and paragraphs are automatically converted — no need to use <p> or <br /> tags.