Post Office Sets a Record --- A Record Loss

U.S. Postal Service Reports Record Loss has the breaking news:

"The U.S. Postal Service reported a $15.9 billion loss Thursday, the largest annual shortfall in the agency's history.

The loss for the fiscal year ended Sept. 30 reflects the Postal Service's default earlier this year on $11.1 billion in required retiree-health-benefit payments and the continued decline in first-class-mail volume, the agency's primary revenue driver.

The loss demonstrates that the Postal Service is likely to become a burden on the taxpayers unless Congress acts to overhaul the agency's finances. The Postal Service receives a small appropriation from the federal government but owes billions to the Treasury and has no way to repay that debt.

At the end of fiscal-year 2012, the Postal Service reached its borrowing limit of $15 billion for the first time.

"It's critical that Congress do its part and pass comprehensive legislation before they adjourn this year to move the Postal Service further down the path toward financial health," said Postmaster General Patrick Donahoe.

During the Board of Governors meeting Thursday morning, postal officials said the agency is likely to run out of cash by October 2013 and is planning to default on its required retiree health payments for a third time next year."

Summing Up 

Now that the election is over, maybe somebody will start paying attention to this ongoing fiasco.

Losing taxpayers $15.9 billion in a single year is a whole bunch to pay for lousy postal service. And there's no end in sight to the losses.

Maybe using e-mail and UPS services would be cheaper?

But then, why should we worry? 

After all, what's $15.9 billion when the government knows best gang is losing another trillion dollars elsewhere each year?

Thanks. Bob.