Corona virus thread May 18, 2020 15:39:13 GMT -8
Post by mightyspuds on May 18, 2020 15:39:13 GMT -8
The US Postal Service now has 5,000 employees in quarantine and only enough cash to last through September
,Business Insider•May 18, 2020
The US Postal Service needs funding to help it stay afloat, or else it will run out of money in about four months' time.
A new aid package proposed by House Democrats includes $25 billion of direct funding for the agency, but it's far from guaranteed.
A union representing USPS employees said about 5,000 are in quarantine due to COVID-19, and 60 have died.
The United States Postal Service, currently being hit hard as letter-mail volume plummets during the COVID-19 pandemic, is in need of rapid emergency funding.
While previous estimates put a June expiration date on the USPS if it didn't get the necessary financial help, the post office now expects to be able to survive through September. It's not exactly a sigh of relief, but it is a few extra months.
This is according to a May 13 statement from the National Association of Letter Carriers, which is the national labor union of city carriers employed by the USPS. In it, the union pushed that June deadline back, but just by a bit.
"As letter carriers know, the conversation about Postal Service finances is nothing new," NALC President Fredric V. Rolando said in the statement. "Unfortunately, this pandemic continues to cripple the economy, resulting in sharp declines in letter mail volume for the Postal Service. It currently projects that it will exhaust its cash on hand by the end of September if Congress and the White House fail to intervene."
The biggest stressor on the USPS' finances over the past decade has been a 2006 law, which required the USPS to calculate how much money it would need for pensions over the coming 75 years and build a fund to cover that amount. Of the agency's $62.4 billion in losses from 2007 to 2016, the USPS' inspector general attributed $54.8 billion to that pre-funding requirement.
But things have gotten really ugly during the pandemic. The estimates of how long the USPS can last have changed over the course of it, but all share one thing in common: They're soon.