Facing a shortfall of a few billion dollars, the U.S. Postal Service is planning to drop 220,000 full-time jobs and close 3,700 post offices and 300 processing centers by 2015, while scaling back services and cutting retirement benefits. And that’s after laying off 110,000 employees since 2007. (more)
State governments are looking at a cumulative shortfall of at least $1.26 trillion needed to pay for pension and retirement health care services, The Pew Center on the States reported in a study published last week.
The United Nations is taking the drastic step because of severe funding shortfalls. Other than Libya, none of Sudan’s partners in the Arab League have contributed any money. “This is one of the hardest decisions I have ever made,” says a U.N. director.