If it isn't the utilities, it's the Goobermint
Mark Milhollan
and the Electric utilities are in the toilet. Now I see that the USPS
seems ready to puke.
From GAO-01-598T titled "U.S. Postal Service: Transformation Challenges
Present Significant Risks".
The summary had this little gem, pretty much at the outset:
"Because of the Service's rapidly deteriorating financial situation, GAO
is placing the Service on its High-Risk List, effectively immediately."
(This is supposed to focus attention before anything too terrible
happens. At least that's what they said.)
"I wonder if the substance of the report actually agrees." So I actually
read the damn thing.
"GAO- 01- 598T Page 1 Mr. Chairman and Members of the Committee:
We are pleased to be here today to participate in the Committee's hearing on
the U. S. Postal Service (the Service). Overall, the Service faces major
challenges that collectively call for a structural transformation if it is
to remain viable in the 21 st century."
Great, UPS and Fedex handling my snail-mail. Some might say that they
couldn't do worse. I don't know.
"The Service's net income has declined over the past 5 years, and the Service
currently projects a fiscal year 2001 deficit in the $2 billion to $3
billion range, up from a projected loss of $480 million just 4 months ago."
Argh. WTF are they doing? I've heard about going to hell in a hand
basket, but they don't fucking well need to run. (Or be that damn short
sighted.)
At least I know where they'll be coming for their financing.
(It's 19 pages long, so I won't quote but one more bit.)
"The Service has projected that among its current employees [totaling
over 900K] as of October 2000, in calendar years 2001 and 2002 about
130,000 postal employees are already eligible, or are projected to reach
eligibility, for regular retirement. This projection includes 36
percent of executives, 25 percent of managers and supervisors, and 16
percent of the career workforce."
Damn, that's a lot of Pointy points.
I wonder if that's because they can retire earlier, or due to upward
career movement, or just plain bloat.
Come to think of it, I don't want to know.
/mark