While the lame-duck Congress faces the so-called “fiscal cliff,” there’s another boondoggle crying out for action. The US Postal Service is about to post a $15 billion loss for fiscal year 2012.
On Nov. 15, the mail carrier will release its final financial results for fiscal 2012, with predicted losses in the $15 billion range. Since July, the Postal Service has defaulted on $11.1 billion in legally required payments to a future-retiree health care fund. It has also hit a $15 billion borrowing ceiling with the U.S. Treasury, raising the risk of a cash-flow crisis.
In an email, USPS spokesman Dave Partenheimer acknowledged that many issues are competing for lawmakers’ attention, but added that it is “extremely important” that comprehensive postal reform legislation be addressed “as part of our plan to return to long-term financial stability.”
The way to solve this problem for the long term is to end the monopoly and infuse the mail delivery system with competition.
........As you post your comment, please conform to Right Angles's simple comment policy: we welcome all perspectives, but require that comments be both civil and respectful. If you wouldn't say it to a co-worker in front of your boss, it probably is not civil and respectful. We will delete any comment that fails this test and issue a warning to the poster. A second offense will result in a ban on commenting on this site. In sum, disagreements, arguments even, are welcome; abusive behavior is not. Thanks.
You must be logged in to post a comment.