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The Postal Time Bomb
 
The Stamp Collecting Report, I'm Lloyd de Vries.
 
We haven't been hearing much lately about the U-S Postal Service's financial problems…but
they haven't been solved.
 
Each year, the semi-independent agency is required to make a five-point-five BILLION dollar
 pre-payment into an escrow fund for retiree health benefits, stretching as much as 75 years
 into the future. It's the only part of the government that's required to make such a payment
 in advance.

Without it, the Postal Service would be a lot closer to breaking even; it might even be making
money. With it….disaster looms.
 
The bill was due October first…but we heard nothing. So I asked Postmaster General Patrick
Donahoe recently – who said the due date's been pushed back to November 18th.

"We're working  with the Congress and the Administration right now on legislation to resolve
that payment as well as a number of other things, such as the ability to move from six- to
five-day delivery."   :10

And stamp collectors care because the Postal Service issues our stamps

I'm Lloyd de Vries of The Virtual Stamp Club. For more on stamps and stamp collecting, visit
virtual-stamp-club-dot-com.

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