United Postal Service Going Bankrupt

USPS is the second largest employer in the United States - only Wal-Mart has mores employees.

The Postal Service is nearly $15 billion in debt. It has stayed afloat by borrowing $12 billion from the U.S. Treasury. The agency has lost $20 billion since 2007. Other countries have profitable postal services because they have shut down their main offices, rented space from gas stations and grocery stores and allowed private companies to take over the postal services.

Rep. Darrell Issa, the Chairman of the House Oversight and Government Reform Committee, introduced a postal reform act that would implement key structural reforms to the United States Postal Service. Currently, the USPS is projected to operate at an $8.3 billion loss this year.

Issa Likens USPS To Fannie & Freddie :

Rep. Dennis Ross (R-FL) discusses the dire financial situation of the U.S. Postal Service and what possibilities the U.S. Postal Service has to avoid insolvency by the end of the fiscal year.

Ross: Commonsense Postal Reform for the 21st Century :

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Michael from IL - The Bankruptcy of Central Falls, RI

Eileen Norcross looks at how the city of Central Falls, Rhode Island became bankrupt.

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What I find positively amazing is how could a town of 16,000 possibly expect shoulder an 80 million dollar pension obligation.

This is exactly what happens when public unions and politicians become too cozy.

With the politicians indebted to the Unions which helped them get elected and hold office, promises are made which are impossible to keep.

If this isn't a prime example of the canary in the mineshaft warning of impending disaster at the local, state and federal levels nothing else is.

It will take a complete and total collapse to awaken these people from their stupor.
Michael from IL

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Related Post: Taking on the Public Unions And Winning
Related Post: Behold Your Public Sector Unions at Work
Related Post: Government Union Monopolies Are Bankrupting America

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