The U.S. Postal Service (USPS) recently defaulted on a $5.6 billion mandate to pre-fund retiree health benefits, the second time in two months the federal government postal �service,� has failed to deliver. In August it failed to make a $5.5 billion retirement prepayment slated for last September, which Congress conveniently deferred. So the USPS…
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Ed O’Keefe reports at the Washington Post that the U.S. government’s postal monopoly continues to hemorrhage red ink at an astounding rate as a result of huge and unsustainable, public-employee-union pension schemes: The U.S. Postal Service reported $2.2 billion in losses during its second quarter, continuing several quarters of historic losses amid declining mail…
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Angela Greiling Keane reports in a recent article at Bloomberg Businessweek, “A Bailout for the U.S. Postal Service?”, that the U.S. Postal Service’s costs “will exceed revenue by $2.7 billion, even after borrowing $3 billion from the U.S. Treasury, the annual legal limit. Total debt, now $12 billion, by law can’t exceed $15 billion….
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