Thursday, February 05, 2009

Postal Service Seeks to Weather Economic Storm

"The Postal Service has withstood challenges from the telegraph and telephone. It has adapted to stagecoaches, railroads, airplanes and other innovations that quickened the pace of American life. Now, it's facing a range of modern problems that could cause it to run out of cash this year or early next," writes USA Today Reporter Jay LaPrete.

Jay points out, "The Postal Service's biggest challenge: the cost of providing health care to current and future retirees. Its $53 billion obligation is greater than those of the Big Three automakers. The service owes its retiree health fund $7.4 billion this year."

On a little different note...William Burrus, who started work at the Postal Service in 1954 and is now president of the 225,000-member American Postal Workers Union is quoted in the article as saying, ""Every day, a government official goes to your door. That's pretty amazing and valuable when you think about it."

To read the entire article, click here.
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posted by Don Schilling at 12:01 AM