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Going Postal

Submitted by Bruce Krasting on 07/31/2011 17:36 -0400

I’ve got nothing against postal workers. But I do have a bone to pick with their union (American Postal Workers Union, "APWU"). Have you seen the APWU ads on TV and print lately? I think the ads are a lie.

The background is that as many as 3,700 post offices are going to be closed. The union hates that. The union is spending big bucks on a slick ad campaign in an effort to stave off the inevitable.

APWU President Cliff Guffey had this to say recently:

“We must dispel the persistent myth that our work is funded by taxpayers.”

The ads show happy postal workers and all that mail they drive around. The heart of the UPWU message is:

"The post office is funded solely by the sale of stamps and postage."

By what magic does the PO do all that good stuff they do without sucking at the taxpayer teat? Easy. They borrow billions at near zero interest rates from good old Tim Geithner. Tim is responsible for the Federal Financing Bank. This is an off balance sheet funding vehicle (“SPIV”). Take a look at the balance sheet as of June 30, 2011.

So the PO has wracked up 12 large. What’s the Vig on this? Nothing! The debt is being rolled over at less than 20 basis points.

This is a perfect example of what is wrong with America. When faced with a problem what do we do?

(I) Lend money to the problem in the hope it will go away.

(II) Hide the debt in SPIVs.

(III) Burry the problem with zero cost debt.

(IV) Lie to the public and say there is no cost.

(V) Kick the can down the road and declare success.

The PO issue is small potatoes. But in a much bigger way all of D.C. is following the lead of the PO. Steps I through V are being played out as I write. It may take a few days for the markets to figure this out. But they will.

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Mon, 08/01/2011 - 15:54 | 1513893 The Hawk

Bruce!

Gartman's letter a few months back shined a light on this matter. He was told, then investigated, and came to the conclusion that the USPS actually cash flows nicely... Haha, don't stop reading just yet... The big reason they are "bankrupt" is that they're required to pay health and pension benfits 75 years in advance! And it had to be done by 2015(?) or somewhere around there. This is why they look so horrid. The governement is taking money out of their cookie jar, just like social security...

Mon, 08/01/2011 - 00:39 | 1511569 Elmer Fudd

My carrier wears wife-beater shirts on his route and frequently mismanages the mail.

Sun, 07/31/2011 - 23:15 | 1511430 the grateful un...

I am recommending to every young person coming of age that they consider a career with the Post Office. I have a number of reasons, first of all your cliche about going Postal. Nothing like that has happened in a long time.

secondly the private mail carriers have been getting a free ride, which is to say they don't have any security checks, they drop ship products from China and no one screens their cargo. that shit has to end...

the USPS plays by the rules while the corporate wannabes play fast and loose. Remember when UPS came to your door with a package, now they just throw it at your front door. when the package is a bomb and it blows up, that might hurt their earnings.

When corporate America can't just drop ship from foreign locations they will begin to feel the pinch. USPS already does passport vetting, and they will do a lot more security in the future, why because they are par t of the USG homeland security, etc. Private enterprise does nothing to to provide security, they just take your money for billion dollar fences that don't work, and private armies like Blackwater. America has had enough of their shit.

The corporate shippers are in for a rough haul, and when all is said and done the USPS will take up the slack, and a lot more.

Sun, 07/31/2011 - 23:14 | 1511428 SilverFocker

You have anything better Bruce..........This was an epic fail. Please do your homework before jibbering the sheeple again.

Sun, 07/31/2011 - 23:14 | 1511427 SilverFocker

You have anything better Bruce..........This was an epic fail. Please do your homework before jibbering the sheeple again.

Sun, 07/31/2011 - 23:12 | 1511425 SilverFocker

You have anything better Bruce..........This was an epic fail. Please do your homework before jibbering the sheeple again.

Sun, 07/31/2011 - 23:08 | 1511420 SilverFocker

This is one of those "I told you so " articles, but just because he told you so , does not make it so.

Bruce , this has to be one of the most stupid articles you have posted...........Please do your homework next time, this was an epic fail.

Sun, 07/31/2011 - 22:53 | 1511393 MOAB

Maybe postal workers are A BIT overpaid, er, compared to who?

At least they provide a fucken service!

the entire financial industry (and I include ALL stockbrokers and traders) do nothing but extract wealth from those weaker than themselves. The more capital someone has the more easily they can screw others out of their fair share of wealth. Wealth never "trickles down" it "floods up". Corruption, nepotism and fear flows top down.

Ahh, maybe i started typing too soon. I kneejerked myself.

I hate union executives too; long since forgotten that they are supposed to be representing members, forget try.

Sun, 07/31/2011 - 22:52 | 1511392 MOAB

Maybe postal workers are A BIT overpaid, er, compared to who?

At least they provide a fucken service!

Ahh, maybe i started typing too soon. I kneejerked myself.

I hate union executives too; long since forgotten that they are supposed to be representing members, forget try.

Sun, 07/31/2011 - 22:16 | 1511322 beinggoode

Volume trends are not the main cause of the deficit currently facing the system. Rather the deficit is the result of peculiar accounting rules imposed by Congress in 2006. Congress is requiring a degree of pre-funding of future retiree health benefits that has no parallel in the private sector.

It is easy to show that the deficit that the Postal Service has been running the last few years is not primarily the result of the decline in the volume of mail. While mail volume did drop from 208 billion pieces delivered in 2000 to 177 billion pieces last year, a decline of 14.1 percent, the number of people employed by the postal service has fallen even more sharply. In 2000 the system employed 787,500 workers. Last year it employed 623,100, a drop of 20.1 percent.

The cause of the shortfall has been the requirement put in place by Congress in 2006 that the Postal Service pre-fund 80 percent (up from 50 percent at present) of retiree health care benefits. The rule required that they reach this funding level in ten years. The Postal Service spent $12.4 billion to reach this pre-funding target over the last three years, an amount considerably larger than its $11.7 billion shortfall over this period.

There are other accounting issues that have also been used against the Postal Service. For example, the Inspector General of the Postal Service concluded in a January report that the USPS was overcharged $75 billion by the government for pension liabilities when the Office of Personnel Management calculated its obligations from the time it became an independent company instead of a government agency. The Postal Service was also prevented by the Bush administration from applying for the employer subsidies available under Medicare Part D to businesses that provide drug coverage for retired workers.

The Postal Service should be run as a self-supporting business, however it also has to be treated fairly. Congress should have an independent assessment of the key accounting issues. Some degree of pre-funding of health benefits is appropriate, but the measure should be constructed in a way that is consistent with projections used elsewhere in the public and private sector. And, the Post Office should be put on a level playing field with private businesses in other areas, such as its ability to receive Medicare Part D subsidies.

Also, the timing of any funding requirement is crucial; 75-year liabilities do not have to be funded overnight. Keeping people employed through the recession should be a high priority for Congress, even if that means overcoming its hostility to the Postal Service.

Sun, 07/31/2011 - 21:38 | 1511208 Gromit

The real issue is the legacy costs of retiree pensions.

Sun, 07/31/2011 - 23:28 | 1511453 SilverFocker

Please explain, since civil service no longer exist for new employe's since 85.

Sun, 07/31/2011 - 22:08 | 1511297 old naughty

what pension?

Fannie, Freddie, USPost, AIA, C, BOC...

Hopeful they will repay.

Have a nice day.

Sun, 07/31/2011 - 21:03 | 1511040 ThirdCoastSurfer

Tax free, government subsidized, tax deducible charities, universities, civic organizations and the like should lose their postal subsidies.

The average base salary (excluding benefits) of an Executive Director in a given local charity is $110k from what I can tell looking through charitynavigator.org and the corporate staff makes more (try the Habitat for Humanity for a start).

The meaning of charity is lost in this culture to those that run the organizations as numerous studies have shown that a any salary over $60,000 (excluding NY, SF, etc.) adds nothing to one's well being.

Sun, 07/31/2011 - 20:46 | 1510978 steve from virginia

Two separate items: the delivery of letters/packages AND the wooly-booly crazyworld of finance that pumps debt hither and yon.

Two different things. One is real one isn't.

Real problem for PO is sprawl. PO HAS to go to every delivery area every delivery day whether there is mail to move or not. With 800,000 trucks (?) that's a lot of fuel, drivers, maintenance, vehicle services, buildings. Closing post offices won't save a nickel b/c the delivery areas won't change. The Post Office's 'commutes' will simply be longer. The only way for the PO to cut costs is to eliminate service areas. Cutting services cuts revenue which makes PO more dependent on debt financing.

Which state ... is going to voluntarily give up mail service?

There is all kinds of mail and all kinds of services: the PO looks for service niches it can exploit. What happens is the most profitable services are siphoned off by competitors such as UPS and Fedex.

The PO loses money on every person who walks up to the counter. It's loses least selling money orders. The PO is a bank but with few of the banking services as POs in Japan or Switzerland provide.

The Post Office is unionized but so is UPS. Fedex contracts with shippers w/ union drivers. It would be hard to find willing, capable workers w/o unionization. It's a form of self-organization. W/o unions, few would ship anything that would tempt pilferage on the part of poorly paid workers.

Non-union Fedex has wage/benefit levels similar to UPS. Things cost what they cost, which is something people like union-bashing Mish Shelock do not understand.

I'd like to see Shedlock explain his doctrine to the unionized transport/ironwork/services workers who lived - worked in my nabe in New York City. His mouth would be on the otherside of his ass.

I'd like to see him explain to my union- brother who died of cancer last year. His $250k medical bill was covered by his union-benefit insurance.

Poorly paid workers are a huge prob with airport baggage handlers/security staffs. They give themselves 'pay raises' from property they handle. Cost of non-union turns out to be higher than union in the long run.

A PO job is real hard work. Most PO workers are 'out back' where nobody sees them, not the handful of folks at the counter. The PO is a blue collar, grueling factory-type environment. Driving anything in America is dangerous, so is handling packages on the sorting lines. The PO accepts oversize- overweight packages the couriers refuse. Workers have to wrassle these loads, they don't levitate themselves onto the conveyors.

The mileage demanded by USA sprawl is bankrupting the PO. Fuel costs are eating the post office alive. The private couriers can simply add fuel surcharges whenever they like. Priced an overnight letter by Fedex, lately? The couriers also don't handle 'cheap' mail such as adverts or common letters/bills/legal docs/postcards. The PO accepts everything and cannot change rates easily. It cannot charge what its service is worth b/c people complain to their representatives.

Here are dueling subsidies: the finance subsidy described by Krasting v. the auto subsidies strewn like lilies across the USA landscape. It's the auto subsidies that are bankrupting the entire country, not just the Post Office.

What you see out the window is a stupendously huge, irrational 'thing'. The thing's use cannot service the thing's cost. The longer that thing is made use of, the more of a hole users dig for themselves.

In the end (tomorrow?) the PO, couriers, auto manufacturers, airlines, industrial agriculture, 'retail' ... will all go down the same cost rathole. I'm guessing ... ten years (probably more) the US will be an agrarian nation as it was in 1885 or so. Do we have an infrastructure to live that way?

What do you think?

Mon, 08/01/2011 - 03:18 | 1511768 piceridu

Article I, section 8, Clause 7 of the United States Constitution grants Congress the power to establish post offices and post roads, which has been interpreted as a de facto Congressional monopoly over the delivery of mail. Accordingly, no other system for delivering mail – public or private – can be established, absent Congress's consent.

That's the problem!

http://en.wikipedia.org/wiki/United_States_Postal_Service

Sun, 07/31/2011 - 21:27 | 1511165 Greenhead

I think you are rationalizing why we shouldn't have competitive mail delivery systems. Are you kidding me, we have seen ongoing increases in mail costs and the USPS is $12 Billion in debt. I'm sorry but unions are not the solution to theft. You are saying that theft exists because there is no union. Get real. Theft exists because of poor hiring decisions, poor monitoring and poor management, let alone a lack of fundamental values but that is another issue.

Sun, 07/31/2011 - 23:09 | 1511418 steve from virginia

Unions are solution to having a motivated workforce in a high-cost environment. A low motivated workforce costs more in pilferage (a real problem in box stores w/ minimum wage/part time workers), accidents, time lost, poor customer service, etc.

Of all courier/mail services Fedex is the worst hands down.

America needs more organized workers, maybe it would be a step toward actually having some workers left in this country! Who wants to be a slave, w/o dignity or rights? Not even Mexicans. The right to negotiate one's services on equal terms as management is a human right. It's not enough to make work 'pay' rather work is worth something to buyer and seller when work is rewarding.

With machines becoming too energy expensive to operate there will be no choice but to use human workers or do without. A sensible approach would have a return to craft systems and artisanal guilds as were the norm before factories annihilated these kinds of businesses.

There is no 'solution' to the Post Office cost w/o getting rid of its need for vehicles, which means a country that is configured differently than it is now. Post office was far less costly during the period of cities, small towns and a rural America connected by rail. Since that was over 60 years and a hundred and fifty million citizens ago, look for PO profitability in another 60 years or so.

The PO could add banking services but selling gold? Where would they get it from? Anyone looking to buy would do so from where the PO gets their's.

PO should offer credit/debit cards, accounts, CD's money market products, bonds etc. The PO could play the Treasury spread as well as any bank and their deficit would certainly shrink. The PO would be the biggest retail bank in the US by default.

Sun, 07/31/2011 - 21:25 | 1511156 tip e. canoe

"The PO is a bank but with few of the banking services as POs in Japan or Switzerland provide."

if the PO was smart, it would start selling gold & silver. but it's not, so it won't.

Sun, 07/31/2011 - 20:54 | 1511012 CompassionateFascist

And also, they blow each other away in large #s every now and then. We had a good one in S. B. a couple of years back. IN SB we've got one branch p/o 5 blocks away from the main. Close it, ditch the jobs, space rental etc.

Sun, 07/31/2011 - 20:49 | 1510997 Reptil

I agree.
The accounting may be all wrong, sending packages and letters is pretty essential for a modern society.

Sun, 07/31/2011 - 20:31 | 1510945 Lord Koos

If you think postal mail is expensive, then let everyone try sending airmail letters via FEDEX at $13 a pop.

Sun, 07/31/2011 - 20:28 | 1510937 BetTheHouse

Well, if its a choice between lending at zero interest to my letter carrier or that douche nozzle Jamie Dimon, I'll take the USPS. For some reason in America we think every governmental function ought to run like a business or be able to be done by a business. I'm all for greater efficiency, but the fact is that mail service, and passenger rail, and some other things, like defense can never run like a business nor be taken over by a business. That's why virtually every country on earth subsidizes such functions. Sure. FEDEX and UPS would be very happy to take over mail service in Manhatten. But if you live in Wyoming or Idaho or rural Texas? No thanks, they say. Why? Because you can't make a profit there. We understand it when they say it, but are somehow surprised when, sure enough, the USPS loses money there too. Dumb bureaucrats!

Sun, 07/31/2011 - 19:49 | 1510840 baldski

Hey Bruce:

When were these loans initiated? It might be good to have this info.

Sun, 07/31/2011 - 20:40 | 1510969 Bruce Krasting

Been going on for years. Have a look at this data. Let us all know when it started.

http://www.treasury.gov/ffb/

Sun, 07/31/2011 - 19:24 | 1510793 apberusdisvet

My local post office

9-11 am: 3 workers; 4 booths

11am - 1:30 pm: 1 worker; 4 booths (2 1/2 hour lunch break?)

1:30 - 5:00 pm: 2 workers; 4 booths

Anyone see a problem with this picture?

Mon, 08/01/2011 - 00:57 | 1511610 Lord Koos

You assume because you can't see them that they aren't working? People leave the front and go back and sort mail.

Sun, 07/31/2011 - 22:07 | 1511271 Whats that smell

If that was a defense industrial plant those boys would be talking about how rough they had it. My letter carrier does a good job, window service at lunch time is slow. Hobos inhabit the lobby in winter to keep warm and panhandle.

Sun, 07/31/2011 - 19:16 | 1510771 LawsofPhysics

Fair points Bruce, but how come the Banks get to borrow at 0.0% interest rates only to loan it back to the Taxpayer FOR PROFIT?

Hell, at least the post office provides a valuable service. Kleptocrats hate it when they have real competition for a return on investment.

Sun, 07/31/2011 - 20:42 | 1510977 Bruce Krasting

All true. But at least the fucking banks don't have unions with commercials that say that there is no subsidy.

Sun, 07/31/2011 - 23:02 | 1511409 FeralSerf

They don't need unions as long as they own the political process and the media. Postal employees should (actually not) be so lucky.

Sun, 07/31/2011 - 22:02 | 1511276 Midas

Bruce- The ad claims the delivery of mail uses no tax money. If you think that is a lie, how much tax money does it cost? I can agree with you they are getting a sweetheart deal, but that doesn't make the ad a lie.

Do you know about Senator Collins' wonderful piece of legislation from 2006 on postal reform? If you don't, you should look it up. It has compelled the USPS to put over 5 billion dollars into savings per year. The Postmaster General admitted without it the USPS would have turned a profit over the last five years despite the recession and internet. WHOOPS! Where do you think the government is forcing them to put the savings? The OIG reports all of the USPS's retirement plans are overfunded by billions of dollars, but congress will not let them tap the funds.

The Post Office was set up to make ends meet, not a profit or a loss. So when market conditions change and Congress will not let you alter any of the following: postage rates, labor rates, service standards, or fuel surcharges, how are you to close the gap?

Cheers.

Sun, 07/31/2011 - 23:35 | 1511168 gangland

really? so what the fuck is cnbc? and schummer? frank? paulson? jeetner? bernanke?? CONgress? they dont need to "buy" commercials, they have at least 535 + 9 + wh walking, talking 24/7 commercials and they own everything else! the government is the bank's union! so stop with the "at least the banks aren't advertising that they don't get subsidized" bullshit!

Sun, 07/31/2011 - 19:14 | 1510765 jag

Private mail shouldn't be delivered more than 3 times a week.

Abosolutely nothing urgent gets sent by regular mail these days and the most important mail, bills, are now accessed and paid online with exponential increases.

The post office serves a purpose that is no longer much needed and is certainly not urgent in any way shape or form.

Sun, 07/31/2011 - 21:01 | 1511031 penisouraus erecti

What about cutting Saturday delivery? Surprised they still do it, must be a money maker in some way.

Sun, 07/31/2011 - 21:09 | 1511069 StychoKiller

The USPS works on sorting & moving mail 24/7/365.

Sun, 07/31/2011 - 19:18 | 1510775 LawsofPhysics

Bullshit. I send product three times per week by U.S. post. Way cheaper, heck I'd pay a little more.

Sun, 07/31/2011 - 21:51 | 1511240 zorba THE GREEK

It's way cheaper because it subsidized by Gov/you and me . Gov. subsidized businesses hurt private competition and cost more in

the end.

Sun, 07/31/2011 - 19:14 | 1510759 jag

Private mail shouldn't be delivered more than 3 times a week.

Abosolutely nothing urgent gets sent by regular mail these days and the most important mail, bills, are now accessed and paid online with exponential increases.

The post office serves a purpose that is no longer much needed and is certainly not urgent in any way shape or form.

Sun, 07/31/2011 - 19:16 | 1510752 tip e. canoe

what a W.A.S.T.E.

"Madness makes the message, and the message, although insane, is how we make sense of a senseless world."

http://ronosaurusrex.com/metablog/2011/02/26/message-or-madness-thomas-p...

Mon, 02/20/2012 - 02:55 | 2176938 josepadsds

Nice tips.......

Thanks

<a href="http://www.bellspharmacy.com/">Generic Viagra</a>

Sun, 07/31/2011 - 18:59 | 1510701 Heroic Couplet

1. What does Fed Ex cost?

2. Oil-the price of. Oil and food production. So how does the price of oil affect the UPS? They drive vehicles. They have delivery trucks.

3. what other jobs are there in small communities for ex postal workers, gvien the offshoring of US jobs? Unemployment is around 22-24%. Although Alan Greenspan chirped "health sciences," just getting into a registered nurse programs, if you're lucky enough to live near a community college or university, mean a two year wait list.

4. Nothing stops you from delivering your mail yourself. If you want to live in the 12th Century, the NeoCon dream for everyone except NeoCons themselves, use a damn carrier pigeon.

Sun, 07/31/2011 - 21:16 | 1511120 Greenhead

Whys should the rest of the country subsidize the unemployed in any part of the nation, country or city? We don't owe you a job. Be an entrepreneur and find a way to add value where you live. I know it sounds harsh but folks have done this for thousands of years and made it work. Really not trying to be difficult but sometimes we have to look at the problem differently.

Sun, 07/31/2011 - 19:03 | 1510719 HungrySeagull

Or sign a 16,000 dollar contract binding you to the hospital that will turn you into a RN.

When you learn just how tight that work is, you will be wanting out but only trapped... while 4000 other graduates compete for your job in a failing industry.

Sun, 07/31/2011 - 18:54 | 1510680 JuicedGamma

Borrowers with great credit and somewhat volatile earnings are being denied mortgages as a result of Dud-Frank stupidity that loan officers MUST follow. And then we see the PO with it's goofy union being lent money at something like 0.000001% which they very likely will never pay back.

It almost makes you want to give up and move to the backwoods with Kaczynski.

Going Postal

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