John Bougearel
The US senate approved 62-38 an emergency extension of the debt ceiling for the federal government. Obama must approve by midnight tonight to avoid a gov’t shudown. “The extension was attached to one of the spending bills.” Oh, and its not just the gov’t that is broke, so is the US Postal agency. The spending bill that was approved allows the postal service to defer $4billion payment to its pension fund. Guess who they passed that buck onto, that is right, you and me, the taxpayers. Yep, we pick up all the tabs around here. Don’t you even think of paying your own way Uncle Sam, you need every penny you can beg borrow or steal to keep this economy hobbling, zombie-ing along. Supposedly the postal service will make up the $4billion shortfall over the “next several years.” Any one want to make the bet that the postal service does not make up the shortfall? I mean, snail mail is so last century, and I will bet you my bottom dollar that the postal services cash-flow models are pro-cyclical. This means that if the models don’t recognize the potential for a contraction in cash-flows for a deep recession when unemployment is in double digits.
