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January 16th, 2013
Post Office

The Post Office boss says they'll need a bailout or they'll cease to exists...they lost $16 billion last year, $41 billion over the last five years...

US Postal Service Inspector general David Williams says they will go out of business this year unless Congress bails them out. Williams said the postal service lost nearly $16 billion the last fiscal year, nearly $41 billion over the last five years, and has reached its $15 billion credit limit.

Since 2006, the postal service has been required to pre-fund its retirement and healthcare benefits to workers which cost them about $5.5 billion a year.

Currently, the Post oOffice has paid in $330 billion for benefits, but the Office of Personnel Management says they are $64 billion short of reaching their requirement. Post Office officials say the main reason they are in a dire financial situation is because of the debt they took on to meet their pension payments. Why not just cut delivery to just three days a week.

If only there was some faster more efficient way of sending information....digitally... that didn't cost money.  Like an electronic letter mailing system.....maybe we could call it....oh, I dunno....email. 

-W&J's Producer


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