USPS Threatens Health Pension Default

Anyone remember my commentary about a year ago regarding pension plans - including public pensions - being in serious trouble and ultimately being at risk of insolvency?

 

Weeeeeelllllll?

 

What happens when you have no money coming in but still have obligations going out? Specifically in this case, pension obligations regarding health care benefits for retired Postal Workers?

 

Gee, I wonder if the Obama Administration's push to put everyone into a situation where they can obtain Medicare might be related to this? Perhaps - just perhaps - this is one way they can stave off the implosion of one of the more-important public-sector benefit groups?

 

Perhaps.

 

By the way, USPS is reporting a 13% reduction in mailed volume, and I'm willing to bet that a huge part of that is from bulk (junk) mailers who have had their business implode or simply have had to slash marketing budgets. Less junk mail, less revenue, and with a bloated bureaucracy you can guess what comes next.

http://networkedblogs.com/p8922741?ref=nf