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The post office reports a 2.2 BILLION dollar loss in ONE QUARTER! Holy crap! You almost have be trying to fail to have a loss like that in only three months.
You realize that this is a government agency and that that we, the taxpayers, will be covering that loss. Holy crap! This has got to be the most mismanaged mess on the planet. Isn't there anyone keeping an eye on the budget? Shouldn't people be getting laid off to cut expenses? Oh, wait, these are all union people. The union will allow the entire organization to fall of a cliff before they make concessions.
When you think about supporting obamacare, keep the post office in mind. It is being run by the same government that brought you crappy service and a 2.2 BILLION dollar loss...
By Ben Rooney - CNNMoney
The U.S. Postal Service continues to hemorrhage money, with a loss of $2.2 billion in the most recent quarter.
The national mail service said Tuesday that it expects to have a cash shortfall and reach its statutory borrowing limit by the time its fiscal year ends in September. That means the agency could be forced to default on some of its payments to the federal government.
Patrick Donahoe, the Postmaster General, said the service is still seeking changes to federal laws that would allow it to change its business model and potentially save enough money to avoid a default.
"The Postal Service may return to financial stability only through significant changes to the laws that limit flexibility and impose undue financial burdens," Donahoe said in a statement.
At issue is a 2006 law requiring the service to pay between $5.4 and $5.8 billion into its prepaid retiree health benefits each year. In addition, the agency is seeking Congressional approval to eliminate Saturday mail service.
The postal service has estimated that moving to five day service could save $3.1 billion. But the Postal Regulatory Commission, which oversees the agency, issued an advisory in March that put the savings at a much more modest $1.7 billion.
While the Postal Service is not strictly a government agency, it is not exactly a private business either.
