Fox News’ Cashin’ In show used the U.S. Postal Service’s default on a $5.7 billion payment recently as little more than a pretext to bang the drum of privatization again.
Jonathan Hoenig got the privatization ball rolling. “We should follow Europe in this case and privatize it just like postal industries in England, in Denmark, and in Germany.”
“Privatize it. I love that idea,” host Eric Bolling said.
Michelle Fields said she “absolutely” agrees. “And this is not surprising. All you have to do is walk into a post office to understand why they are going broke. It’s horrible customer service. …Just privatize the whole thing.”
Jehmu Greene was the only dissenter. She said, “The post office actually gets no tax dollars from us, so we’re not paying for it. They have to supply the Treasury with six billion dollars a year to take care of the retirees and the health benefits. …Their operating revenue is actually going up.
Greene also noted, “Private companies rely on the post service. And if it goes away, all the prices go up and the fact that Amazon just contracted with them – yes, UPS and FedEx use them because they’re not going to provide services for rural communities. We can’t leave them out.”
The heck with rural communities, as far as Bolling is concerned. “We’re free market capitalists here. The pricing mechanism is broken with the post office,” he said.
Wayne Rogers agreed. “There’s no doubt about it. …You have FedEx and that you have these other postal services that came out of the private sector to compete with the post office. Seventy five years ago, they weren’t there. …The post office should go out of business. They should privatize it or as you said, and let them go out of business or they have to compete with the FedEx and those people.”
Alternet explains why privatization of the Postal Service means job and tax revenue losses along with hardships for businesses and communities.
Watch the lack of concern for the consequences of privatization below, from the August 16, 2014 Cashin’ In.
Documents, business letters, bills, stock information, etc. are delivered to the suits and administrations at News Corporation/21st Century Fox.
The idiots rely on the U.S. Postal Service everyday, as well as UPS, and delivery trucks bringing in studio equipment, printed promotional products, office products, etc.
Most of their viewers are elderly, and don’t know what goes on behind the scenes of this fraudulent “news” network. We, and others will inform them in the streets and social media.
Recent history shows us just how well private companies do. Like Lehman Brothers, Eastman Kodak, TWA, Woolworths, Merrill Lynch, etc.
Also, the “default” the Postal Service incurred is because of a GOP directive to prefund health services of retirees SEVENTY-FIVE YEARS into the future—something that NO other business (not even any other government operation) is required to do. Dubya, along with his GOP Congress back in 2006 (yes, this was months before the elections), saw the USPS as a source of “free money.” By mandating that the USPS prefund health care costs of employees who hadn’t even been hired (or even born) over the next 75 years (and, in a span of just 10 years), the Government could do with it like it did with Social Security, and “dip” into that fund to help pay for Federal budget shortfalls.
The USPS has, for the last 8 years, been fighting to stop paying the money and, more importantly, retrieve the money that had already been put into the fund (mainly to help the Service with its funding woes).
Now, if the Service were to be privatized, rates would increase (much as they have in those European countries* since privatization). Maybe these morons should look at how much it costs to mail a letter through FedEx and UPS. Oh, wait. Neither company accepts plain letters. To send a “simple letter” through either company is more expensive than using the Postal Service’s “Express Mail” service. And FedEx and UPS don’t have to justify raising rates—they usually do, mostly about gas prices—and, more importantly, they can enact rate hikes almost immediately. (If UPS decided to raise rates by 10%, it couldn’t do it tomorrow, of course, but it could be done within a month with virtually no fuss. For the USPS, however, it takes months of hearings in front of a special Board whose sole purpose is on the subject of rate hikes, getting input from the general public as well as bulk mailers and large corporations, and if the increase is approved, it takes a minimum of three months before it goes into effect. And, equally importanly, the Board can refuse—and often has done so—a rate hike.)
*How interesting is it that the right-wing wants to emulate Europe when it comes to postal service but no so much when it comes to health care services?
THESE COMPANIES WILL BOTH MAKE OUT LIKE BANDITS AT THE EXPENSE OF US WORKING CLASS FOLKS IF POSTAL SERVICES ARE PRIVATIZED!