The lumbering and obsolete half-breed-government entity is defaulting on its union pensions and trying to cut Saturday delivery to stop the red-ink bleed taking it under.
The USPS already asked and got permission to close 3,800 offices. And the extra fun one - cut first class delivery from next-day to we-will-let-you-know.
Post Office officials say a slower first-class mail delivery as part of a plan to close 300+ processing plants and dump 35,000 jobs by the end of 2013 will help save the 'company.'
Under law, the USPS has to "prepay" roughly $5.5 billion at the end of each September into a health care fund for future retirees. Postmaster General Patrick Donahoe has said his agency is defaulting on that payment...in fact the errant enterprise will need to dump their retirees entirely. This is too easy...
Union's are killing the Post Office just as they wiped out other industries like steel, autos and textiles.
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