Banking on the Postal Service?

Imagine an economic collapse in which millions of people lose half of their life savings and their trust in the country’s largest financial institutions is severely shaken. To help restore trust in the financial sector, the government creates a savings system operated by its postal administration. Sound unrealistic? Maybe so, until you remember that the U.S. Post Office Department offered a government-backed savings system to Americans for more than half the twentieth century.

 

The OIG Wants to Know How You Feel about Sick Leave

Career employees earn 4 hours of sick leave for a full pay period (80 hours), or at a rate of 5 percent. Some career employees are currently taking sick leave at approximately the same rate, liquidating their leave bank. The Postal Service’s sick leave absence rate (absenteeism) was 4.3 percent in 2008. This seems high compared to the 1.1 percent rate the Bureau of Labor Statistics reports for employees in the private sector and 1.7 percent rate for employees in the federal sector. So why was the Postal Service’s rate higher?

 

Leveraging Postal Service Purchasing Power to Generate Revenue

The Postal Service spends approximately $13 billion each year with contractors, most of whom are also customers of the Postal Service. Meanwhile, the Postal Service has experienced the most significant mail decline in its history. Mail volume fell by 9.5 billion pieces in fiscal year (FY) 2008. The economic stress of current times is a major factor in this decline, and additional Postal Service revenue is lost when major businesses merge and combine their customer mail base.

 

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Recent Poll

Do you think USPS should invest in Treasury Inflation-Protected Securities?

Yes
54% (57 votes)
No
46% (48 votes)
Total votes: 105

Recent Comments

  • 3 days 9 hours ago
    I have a package being volleyed back and forth between Fayetteville NC P O and Proctorville NC for days now. My zip code was typed wrong by one number in the last digit. Everything else City,state...
  • 3 days 15 hours ago
    I do believe that USPS is trying, but needs to address some core inefficiencies that plague the system. Here's my personal story as an example. I called to ask a question about my package...

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