USPS Drowing in Red Ink: Money Losses at $8.3 Billion

The US Post Office continues to flow down the river of red ink. The post office looses $8.3 billion  for fiscal year of 2010. That’s up sharply from Fiscal year 2009 which ended in a$3.6 billion loss. From CNN  Money:

The U.S. Postal Service more than doubled its losses in fiscal year 2010, despite cutting billions of dollars in expenses and trimming its staff.

The Postal Service said its net loss totaled $8.5 billion in the fiscal year that ended Sept. 30. That compares to a loss of $3.8 billion the prior year.

The government blames the troubles in the economy and growth of E-mail, instant messaging and text messaging:

The Postal Service blamed the deeper losses on the recession and on the continuing growth of e-mail. A change in the interest rates affecting the Postal Service’s workers’ compensation liability also played a role, the organization said.

The funny thing is the USPS made $9 billion in cuts:

Chief Financial Officer Joe Corbett said the losses were worsening despite cuts that generated cost savings of $9 billion over the past two years. Those savings came primarily from the elimination of 105,000 full-time positions — “more than any other organization, anywhere,” Corbett said.

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South Florida Hit with Dengue Fever First Time in 50 Years

Yikes! For the first time in half a century the US and South Florida in particular has been hit with Dengue Fever. From the Palm Beach Post:

The first locally acquired case of dengue fever in Miami-Dade County in more than 50 years was confirmed Thursday by health officials. They warned people to take precautions against the mosquitoes that carry it.

“This is a big deal,” said Lillian Rivera, administrator of the Miami-Dade Health Department.

“We have not had a locally acquired case of dengue fever since the 1950s,” said Dr. Fermin Leguen, the department’s chief epidemiologist.

The victim, described only as a man who had not traveled outside Miami-Dade County for more than two weeks, was briefly hospitalized but has fully recovered, Rivera said. His case was confirmed by laboratory tests.

Health officials said they don’t know where the man acquired the disease. It was a different strain from the one that has caused 57 locally acquired cases in Key West and one in Broward County.

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Full Body Scans has Outrages Passengers, Pilots and Crew

Passengers, Pilots and crew of the airline industry are revolting against Homeland Security over newly installed Full body scanner at major airports across the country.Fr0m CNN:

A growing pilot and passenger revolt over full-body scans and what many consider intrusive pat-downs couldn’t have come at a worse time for the nation’s air travel system.

Thanksgiving, the busiest travel time of the year, is less than two weeks away.

Grassroots groups are urging travelers to either not fly or to protest by opting out of the full-body scanners and undergo time-consuming pat-downs instead.

Such concerns prompted a meeting Friday of Homeland Security Secretary Janet Napolitano with leaders of travel industry groups.

Napolitano met with the U.S.Travel Association and 20 travel companies “to underscore the Department’s continued commitment to partnering with the nation’s travel and tourism industry to facilitate the flow of trade and travel while maintaining high security standards to protect the American people,” the department said in a statement.

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Belated Veteran’s Day

To all who have served in the Army, Air Force, Navy and Marines. Thank you for your service to “the greatest country on God’s Green Earth( Sorry Micheal Medved)” Including my dad, CPO. Clyde Wayne Jones Sr. United States Navy(Served from 1957-1977) I love You Dad.

Debt Commission Announces Sweeping Recomendations

President Obama’s Debt Commission announced on Wednesday proposing sweeping changes to the country.  Cuts in the military, raising the retirement ago to 69 years old, eliminating the mortgage interest deduction just to name a few. From the Wall Street Journal:

The leaders of a White House commission laid out a sweeping proposal to cut the federal budget deficit by hundreds of billions a year by targeting sacrosanct areas of U.S. tax and spending policy, such as Social Security benefits, middle-class tax breaks and defense spending.

The preliminary plan in its current form would end or cap a wide range of breaks relied on by the middle class—including the deduction for home-mortgage interest. It would tax capital gains and dividends at the higher rates now levied on wage income. To compensate, one version of the plan would dramatically lower and simplify individual rates, to 9%, 15% and 24%.

Not everyone is thrilled of the Cuts and changes prescribes:

But liberal panel members were less enthusiastic. Sen. Richard Durbin (D., Ill.) said he wouldn’t vote for it, saying that “there are things in there that I hate like the devil hates holy water.”

Some important interest groups were sharply critical, particularly over curbs on entitlement spending. The plans authors “just told working Americans to ‘Drop Dead,”‘ said AFL-CIO president Richard Trumka. “Especially in these tough economic times, it is unconscionable to be proposing cuts to the critical economic lifelines for working people, Social Security and Medicare.”

The conservative Americans for Tax Reform also blasted the plan. “It confirms what everyone has known—this commission is merely an excuse to raise net taxes on the American people,” the group said in a written statement. Supporting the plan would violate the group’s no-new-taxes pledge, which many Republicans and some Democrats in Congress have signed, it warned.

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California Unemployment Fund Has a $10.3 shortfall

Another reminder of California’s woes. The California Employment Development Department unemployment fund is $10.3 Billion deficit.  Thanks to brilliant leadership in Sacramento there no money.  The solution includes raising the employment tax and/or  beg and borrow hat in hand to Washington, DC. Mc Clatchy News Service:

California businesses already pay some of the highest unemployment taxes in the country – and the tab is likely to increase.

The recession and the Legislature’s decision years ago to raise benefits have drained the state unemployment insurance fund, which now has a estimated $10.3 billion deficit.

The nonpartisan Legislative Analyst’s Office, in a recent report titled “California’s Other Budget Deficit,” said the state will probably need to raise unemployment taxes on employers as well as reduce benefits to bring the fund back in balance.

But Gov. Elect Jerry Brown vowed to ask the voters to raise taxes at the ballot box:

Raising the tax would require a two-thirds vote in both houses of the Legislature and might be politically impossible. Gov.-elect Jerry Brown has promised not to raise taxes without voter approval.

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Same Day, 18th Verse:Unemployment Stuck at 9.6%

For those of you who are old enough to remember record players or reel to reel tape players you know that these devices get stuck and play the same song(or recording) over and over and over. Well, unemployment is stuck at 9.6% percent for the third month in a row. There is good news for President Obama and the Democrats in Congress  the private sector hired 159,000 jobs created. The bad news: 1. These are service industry jobs  and 2. These are temporary-2010 holiday season. The unemployment rate will creep back in January and February. From AP via Yahoo News:

The jobs crisis eased a bit in October as companies stepped up hiring, suggesting further gains ahead.

Still, hiring remains far too weak to drive down unemployment, now stuck at 9.6 percent. And the newly elected Congress will come under pressure to take action to accelerate job growth.

The burst of hiring — 159,000 net jobs added by private employers — nevertheless raised hopes that companies are finally emerging from the hiring stall seen during much of the summer.

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Barack Obama Expensive Adventure

All due respect to the writers and Producers of “Bill and Ted’s Excellent Adventure” President Obama Excellent Adventures start today to India and Asia. 3000 people including security detail and others 34 naval ship  and more at a staggering $200 million according to New Delhi TV:

The White House will, of course, stay in Washington but the heart of the famous building will move to India when President Barack Obama lands in Mumbai on Saturday.

Communications set-up and nuclear button and majority of the White House staff will be in India accompanying the President on this three-day visit that will cover Mumbai and Delhi.

He will also be protected by a fleet of 34 warships, including an aircraft carrier, which will patrol the sea lanes off the Mumbai coast during his two-day stay there beginning Saturday. The measure has been taken as Mumbai attack in 2008 took place from the sea.

Arrangements have been put in place for emergency evacuation, if needed.

One, the First Lady Michelle multi million trip to Spain. Two, the President trip to Asia. Days after the American people rebuked the president and congress on Election Day. The White  House still don’t learn.

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Democrats Wins Governorship in California Jerry Brown

Good Grief Governor Moonbeam again. You have to wonder do Californians  understand what dire straits the state is in. We just re-elected Governor Jerry Brown. Brown and the Democratic controlled of the state legislature. California is more  $500 Million in hole. Public employee pensions coming due from now to the next five years.( Ironically, Governor Brown will get more bennies as a result of his re-election)

Where the money will come from raising taxes really. Raising taxes during a recession. Raising taxes with sky-high unemployment at 12.6% The equivalent of Santa Clara County out of work (which is over 2.3 million people) This high employment the state will not have the money to pay the debt it owes.

Washington? Now that the GOP has taken the House of Representatives they will not  bailout the state.

Governor Brown plans to announce on Wednesday his plans to get California working. But he didn’t have plans when he ran. Good Grief. When are going to learn.

Watch and see more companies flee the state : Denver, Salt Lake City, Austin, Houston, San Antonio and the Dallas-Ft.Worth Metroplex will get the jobs and California crumbs.

Good Bye Golden State Hello Tarnished State.

LA Times has more

Split Decision:GOP Takes the House Democrats Keep the Senate.

Republicans got a Split decision on Tuesday as the GOP wins the House of Representatives by taking 65 seats. The Senate remains Democrats hands the  GOP only won eight seats and Majority Leader Harry Reid remain as leader and won his seat over of Republican Sharron Angle.

AP via Yahoo News has the rest of the story.