United States Post Office: The HUGE LIE

December 2010 was the first of two raises before talk began about a shortened work week, eliminating Saturday deliveries. They have also offered $20,000 bonuses to non union workers to retire early.
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The U.S. Postal Service has lost $5.7 billion so far this year and will require significant help from Congress to get back on track, USPS officials said Friday.
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The Postal Service continues to face long-term financial challenges and despite significant cost reductions will reach its statutory borrowing limit by the end of the fiscal year and default on a number of obligations to the federal government, officials told reporters. USPS has a $5.5 billion payment to its retiree health benefits fund due Sept. 30.

The Federal Trade Commission includes a long list of implicit subsidies the Postal Service receives that are not available to private companies,” said Issa in the letter to APWU President Cliff Guffey. The letter notes that “the Postal Service is exempt from, among other items, federal, state, and local income tax, all state and local taxes (including property tax), and vehicle registration and titling fees.”

The letter also notes that USPS has access to borrowing directly from the United States Treasury at very low rates. As of the end of Fiscal Year 2010, the Postal Service had $4.1 billion in debt with an interest rate below 0.3% as well as an additional short-term revolving credit line of $3.4 billion at an interest rate of 0.206%.

These subsidies are worth hundreds of millions of dollars annually, Congressman Darrell Issa asked the union not to mislead the American people.