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Printing Industry Midwest president David Radziej explains why house should pass a USPS bill.
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Rights investment thanks so much.
So there aren't you really typically get people flood the post office tax day and the holidays the male heavy holiday season is well on its way -- everyone is gearing up -- the post office that as.
The US Postal Service is set to completely run out of cash in October don't forget that is right before the influx of holiday cards and packages.
David rocky is president -- printing industry midwest and he's urging lawmakers to take action in order to prevent quote.
Disastrous consequences for not only in the USPS but also the printing industry as well.
And David I understand.
That you are the president of the printing industry association on the midwest do you know what these folks are thinking are they worried.
Melissa thanks for inviting me here today to -- forcefully issues and yes the answer would be.
Our customers and our clients are wondering.
What is going to happen.
In what do you think is gonna happen I mean we we've had the postmaster general -- and he has said that the only way to save the post offices to close.
You know a lot of different offices around the country and really streamlined costs.
You know congress has not agreed with him what do you think the right resolution is.
Well actually congress -- to -- to a House of Representatives has a bill they've got to move it forward because if they don't in a way inducted just.
Session.
Senate will pass a bill and connected on anything that's moving in the house I can imagine.
Doesn't want to have a say in this whole process we're looking at six or 7% of the gross national product that is tied to mailing.
We're looking at eight million jobs.
In this is is a critical issue that we -- kind of moving forward.
Think realistically its gonna happen to the people better in year association does not even if they run out of money.
They're not to shut down they're just going to borrow it from somewhere they're -- they're not an -- in what direct impact do you see it happen in your customers.
-- the post office is funded by postage.
By postage.
So 90% of the mail stream is.
Produced by commercial printers.
So there's less going in the into the mail stream there's going to be less employment in the print industry.
And that's a critical factor in how this whole economy shapes up.
But and through the holidays they will okay your question.
No yeah I I did because I don't understand I mean it's like they're gonna stop delivering mail they run out of money -- they're not funded just right postage and we may have a giant debt to the treasury huge line of credit.
And they're defaulting on you know the debt that they do you have right now.
But they continue to get loans and they run out of cash it if it's not like you're gonna shut the door in your customers and your customers are gonna have to lay out all their workers' right.
Well part of the part of the problem is -- have to make this five point five billion dollar.
Payment.
For the pre funding of health care they've got to make -- another payment here shortly in September wore the retirement funds.
Another five billion dollars they're just not gonna make those payments are not gonna have enough cash going through the system to make this payment.
At this time what they're gonna do is -- gonna.
Move things around close facilities faster than we wouldn't than they had.
Allegedly -- us they're gonna do it so it disrupts the whole.
-- -- to -- system of the mailing process.
Okay -- Rajiv thanks so much for coming on -- time.
