One Reason the Post Office Is Having Money Problems

The results of a recent USPS audit are in and it turns out that thanks to the contract with the union, the USPS spent $4.3 million on employees doing nothing.

Politico reports:

The U.S. Postal Service, which expects to lose $7 billion this year, spent $4.3 million on employees who did nothing in the first half of the year because of requirements in union agreements, an audit found.

The amount paid for so-called “stand-by time” has “significantly decreased,” down tens of millions of dollars from what was spent just a couple of years ago, says the Washington Post, which obtained a copy of an audit.

Labor agreements mandate that postal employees have a certain amount of guaranteed work hours, which means that they can not be laid off during periods of low mail volume or unplanned events like the breakdown of equipment. This leads to “stand-by time,” in which employees spend the day doing nothing – for example, waiting in a cafeteria or breakroom.

In fiscal year 2009, the Postal Service logged over 1.2 million hours in stand-by time, costing taxpayers more than $30 million dollars. This declined to around $20 million in 2010, and is on track to be less than $10 million this year.

George Will: Obama’s Blamed Everyone But James Madison For His Problems (Video)

George Will explained to the panel on ABC’s This Week yesterday that Obama has blamed everyone for his economic problems but James Madison. He didn’t hit Obama nearly as hard as Investors Business Daily did over the weekend though.

http://www.mrctv.org/embed/105091

(Video via Breitbart TV)

Another Bailout For Wall Street?

It could possibly happen. Just like the crisis that happened in 2007-2008, this bailout could come from too much Government involvement in Wall Street once again.

Jeffrey Anderson at the Weekly Standard explains:

In the Washington Post, Camden Fine, president and chief executive of the Independent Community Bankers of America, writes, “I was astounded this month when the Federal Reserve announced its intention to keep interest rates at zero percent for at least the next two years. I kept staring at that number, 2013, assuming that it was a mistake.”  He continues, “In my view, the Fed’s policy is nothing more than a backdoor bailout for the Wall Street mega-banks and investment houses; it amounts to the back of the hand for the community banks of this country.”

Fine elaborates:

“I have been a community bank owner and was president of a bank that served hundreds of community bankers for more than 20 years. I have always known that the model of community banking is different from that of Wall Street banks. Unlike Wall Street banks, which make their money based on volume and transaction fees, community banks make their money the old-fashioned way. They pay their customers interest on their hard-earned savings, they lend those deposits back into their communities to small businesses that create jobs, and they price those deposits and loans to make enough on the difference to pay their employees and utility bills, and maybe even to purchase a scoreboard for their local high school football team.

“That is, until now.

“Now the Fed is pricing their deposits. Now the Fed is setting the spread. With nearly zero percent rates and slack credit demand, how are community banks supposed to make a viable margin on their funds? Community banks are swimming in liquidity as depositors pour their savings into their local banks in search of safety and security. Most community banks are holding short-term investments because they figured that rates would begin to rise in the next 12 months or so. After all, rates have been near zero for almost three years.

 

Video: Juan Williams Thinks Rick Perry Can’t Compare To Obama When It Comes To Job Creation

Seriously?

Seriously. Juan Williams spouts this babble/talking points even though the liberal media has shown that Texas under Governor Rick Perry’s stewardship, has created twice as many jobs as any other state – with half of all new jobs being created in Texas the last two years.

Jim Hoft at Human Events writes:

Under the Obama Administration at least 3.3 million Americans have lost their job, millions of Americans gave up looking for a job and Obama’s jobs record is worst of any president since the Great Depression. Meanwhile,  Rick Perry has created more jobs in Texas than all of the rest of the states combined.

But, Juan Williams trashes Perry, not Obama.

[youtube http://www.youtube.com/watch?v=v63ntZd1ebI]

Photo Of The Day: Sentinel Guarding Tomb Of Unknown Soldier Through Hurricane Irene

From the @USArmy tweet: A lone Tomb Sentinel, @The_Old_Guard, walks his tour in humble reverence during Hurricane #Irene at @ArlingtonNatl – pic.twitter.com/U1tvNwZ

ABC News reported:

While Hurricane Irene bears down on much of the mid Atlantic states on its way north, and residents of the Washington, D.C. area have been advised to remain indoors, the elite soldiers who are the sentinels at Arlington Cemetery’s Tomb of the Unknowns remain at their posts.

Since taking over the mission on April 6, 1948, Tomb Sentinels from the Army’s 3rd Infantry Regiment’s “The Old Guard” have guarded the Tomb for 24 hours a day, 365 days a year regardless of the weather.

Sentinels trade off marching in front of the tombs that are the final resting place for unknown soldiers from World War I, World War II and the Korean War. The Changing of the Guard at the Tomb is a popular stop for Washington tourists.

 

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The great political cartoonist Michael Ramirez from Investors Business Daily has a great cartoon out that coincides with a sizzling editorial on all of the excuses for economic failure eminating from the White House.

The President and his team have repeatedly blamed “bad luck,” corporate jet owners, the Tea Party, earthquakes, the ‘arab spring,’ and the weather for the current malaise and high unemployment that have plagued this administration since President Obama took office in 2009.

The editorial board of Investors Business Daily writes:

Obama likes to blame the depth of the downturn for the “painfully slow” recovery. “We didn’t get into this mess overnight, and we won’t get out of it overnight. It’s going to take time,” he said — nearly a year ago.

The claim is bogus. This recession lasted only slightly longer than the 1981-82 contraction — 18 months vs. 16 — and wasn’t as severe when measured by peak unemployment.

But the economy came screaming out of that downturn, and in three quarters was already well into an expansion. The 1973-75 recession lasted 16 months, but also took only three quarters to fully recover.

Obama’s also fond of blaming the sluggish recovery on the fact the recession resulted from a “financial crisis,” alleging that something about that kind of recession makes for a longer recovery time. But it’s not like all the other slumps didn’t have any hint of financial crisis behind them.

Now he and his friends have taken to blaming bad luck and Republican bad faith for supposedly weakening what had been an improving economy.

Also, be sure to check out Mr. Ramirez’ fantastic collection of his works: Everyone Has The Right to My Opinion, which gives terrific look at political history.

Laura Ingraham vs. Charlie Rangel (Video)

This was great TV recently on the O’Reilly Factor. Guest host Laura Ingraham sparred with Congressman Charlie Rangel over Congressman Allen West’s comments from the night before and the failed war on poverty in the inner cities. This so reminded me of the Bill O’Reilly/Barney Frank bruhaha from a few years ago and her recent appearance on the Today Show where she obliterated Matt Lauer.

You can watch the video at this link.