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I was just reading about that last night!
My guess is that they will get a bail out because people and companies are not prepared to go digital or an alternative measure.
I am not surprised, I think they should have eliminated Saturday mail years ago. I hope it doesn't happen that quickly, but feel for the workers who have to deal with this
Oh yea, Saturday delivery isn't necessary (although it did take some getting used to when I moved to Canada, where there is no Saturday delivery). But I'm not sure that would solve all their problems. Hopefully, they'll get a bailout and a total revamp of services.
They don't deserve a bailout, they just need to get their asses in gear and be smart about things. They don't need 10 employees in one place, who stand around and gossip while 2 people do all the work. They don't need 5 office for one city, or to be open every single day of the week. I understand we need to have their services, because of course things need to be mailed, but they could really scale back on a lot of the things they are doing.
I also think all companies should do away with employer sponsored retirement. They could save so much money, and people could use a retirement vehicle that fits them. Don't even get my started on how much they hype up a 401k, which is not a good plan for anyone.
@MrsSl82be: They're asking for permission to fire the excess employees/cut back on pensions/healthcare. They can't because they are unionized.
Saturday mail is so unecessary.
@LGenz: Gotcha. Well, they have an uphill battle I'm sure, and I really don't know much about unions, but I really think that this is exestential circumstances we are dealing with
I really hope that the government doesn't decide to give them money and put us in even more of a hole than we are already in. I always think about what if all the billions of dollars of bailout money were given to the consumer and not corporations, where would our country be now?
@MrsSl82be: they can't just fire people, they are part of a union. So when normal companies would do major layoffs, USPS can't. And the union is going to fight over it anyway because it's illegal to fire them, apparently they would rather not have jobs at all....
I just don't understand....
@o0olibelulao0o: Ok, so is there anyway for people to get fired? Like, if they perform poorly? I understand that they protect employees rights, but to what extent?
@MrsSl82be: ummmm.... huh? How is it bad to get your retirement savings matched by your employer?
This is why I hate Unions. They are incapable of seeing outside of the box and would rather have everyone lose their jobs than to have some people laid off and/or take a pay cut.
@Moose1209: because although it sounds great in the beginning, think about it this way. You use pre tax dollars to fund your 401k, so it only makes sense that you pay tax on the money you take out, right? Well, once you are retirement age, you are relatively in the same tax bracket as you were when you were working, or even a little bit lower. Still sounds good...But, you also don't have mortgage interest, child tax credits, and student loan interest (as examples, could be much different for some people, and also much more credits for some) that you can write off, so you actually pay MORE to be taxed at the end than you do to be taxed in the beginning (since all those credits and such lower your taxable income, you don't get that at retirement). I hope that makes sense. Retirement is part of my job, so there are a whole host of products that are better suited to people than a 401k, no matter how much your employer matches
I totally agree with you on the union thing
They've cut nearly a quarter of their workforce, are in the process of post office closings and keep raising the cost of postage. The threat of default isn't because they haven't been proactive but because of a provision in a bill from 2006 that said that have to pre-fund employee benefits. Even though they reduced so many jobs, they still have to fund the benefits trust as if they'd had the number of employees they had in 2006. Oh loophole provisions and conundrums in public policy.
@MrsSl82be: Totally delayed but you do know they have come out with a Roth 401K product now as well right?
Also... it depends on how much you earn. If you are a high earner then once you retire you should be in a MUCH lower tax bracket than you were while you were working. So yes, it absolutely depends on the person, but even still for a lot of people the employer match more than makes up for any tax consequence. Also.. you have to remember the money grows tax free and you don't have to pay cap gains tax annually on the account the way you would in a retail account.
I see what you're saying that people have to look at their indivual situation but I would hate for someone to see that and decide not to consider taking part in an employer sponsored qualified plan when it could be a great option for them.
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So we just got through the whole Canada Post strike debaucle and now apparently the US Postal Service is threatening to shut down because it may default?!?! I've seen at least a few stories on this, but here is a link to one: http://www.politico.com/news/stories/0911/62688.html
How on earth could we send invites (or any other important documents, really)?? Do any bees have any more information on this?