My thanks to Scott Eganhouse for his post related to the recently help Postal Exchange meeting where postal legislation was discussed.
Yesterday I attended the House Oversight & Government Reform Committee's hearing on the need for postal legislation. For the first and perhaps only time, panel representatives from the Postal Service, PRC, GAO, Industry, and Postal unions all lined up on the same side of the issue. I have attached a comprehensive report of the hearing including the testimony of the witnesses for your review and consideration. Here are a few disturbing factoids that help to illustrate the magnitude of the problem -
- The USPS currently has $121 billion in unfunded liabilities.
- The USPS has defaulted on their required annual retiree health benefit prefunding payments for the past 5 years = $33 billion.
- Total USPS liabilities exceed total assets by $56 billion.
Clearly, this is a dire situation that if not addressed could lead to the need for a tax payer bailout.
Regardless of which side of the proposed legislation you fall on, you have a responsibility to be well-informed and engaged. Idealliance provides its members with what they need to be both informed and engaged. Use this forum as a platform for constructive dialog and seriously consider participating in our legislative conference and fly-in scheduled for March 22, 23. The conference and fly-in represents the ideal opportunity to become better informed and to meet with members of Congress to voice your opinions and questions.
If you'r not involved you forfeit your right to complain.
Let me know if you would like more information.
Ken
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Ken Garner
Executive Vice President
Idealliance
Alexandria VA
703-837-1070
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