The U.S. Postal Service financial crisis is no longer a future concern — it’s happening now.
Testifying before Congress in June, Postmaster General and Postal Service CEO David Steiner said the agency is running out of cash, deferring retirement obligations and relying on temporary financial maneuvers to continue providing service.
Those maneuvers include borrowing from employees’ retirement funds, a move that should stop every postal worker in their tracks.
When Steiner says the agency is borrowing from those funds to stay afloat, he doesn’t mean individual Thrift Savings Plan (TSP) accounts are being raided or that earned pensions have vanished.
However, it does mean the Postal Service is using deferred employer retirement obligations as a cash-management tool, which can impact every postal employee trying to make informed decisions about retirement, benefits, income and long-term security.
Steiner and his mentor Doug Tulino are driving the WM truck off a cliff and taking the USPS with it. Steiner’s lie that the postal service cut their loss by $600 million didn’t include what they owe the retirement funds. More troublesome is the fact that there’s no plan to pay it back, it’s not even mentioned anymore. That’s because Steiner’s going to have his hands out to Congress for what he terms a “modest” amount. It’s always modest when it’s someone else’s money. It certainly looks like a perfect storm of unaccountable, incompetent management receiving bonuses for failure and a BOG that apparently doesn’t care.
Stiner is really in a mess???
If he follows orange clown’s orders he might help the
ratpublicans keep the house or senate.
It that happens he’s not getting any money.
He will be the PMG that is in charge when USPS ends.
If he leaves voting alone. orange clown will destroy him.
The Dems might give him some money.
He’s a dumb ass for taking this job.
Should have let tulino, about time people see what
a crook he is anyways???