View Full Version : The Next Big Bailout...Your Local Mailman

05-17-2011, 06:23 PM
Looks like another government intervention coming on the horizon...

The U.S. Postal Service is in such bad financial condition that it may not be able to make a payment for future retiree health benefits due September 30, Postmaster General Patrick Donahoe said on Tuesday.

In testimony to a Senate subcommittee, Donahoe said that without Congressional action, the service would default on its payments.

"As things stand, we do not have the cash to make a $5.5 billion prepayment for future retiree health benefits due September 30," Donahoe said.

"Despite our significant role in the American economy and our aggressive cost cutting and revenue generating efforts, I regret to say we are in a serious financial predicament today," he said in a statement.


05-17-2011, 09:08 PM
I thought the gov't could do it better then the private sector.....Hmmmm, ups and fedex anyone....