For one reason and one reason only: unions.
The USPS has the same ridiculous business plan when it comes to the union as GM had.
Prediction: if the USPS does not do something to get their union expenses under control in the next couple of years, there will be some sort of bailout. Bankruptcy would be preferable, assuming that is not illegal. And if it is, perhaps the law could be changed.
I sure as hell don't want my tax dollars bailing out the USPS. That would be the height of lunacy.
The USPS desperately needs to change their business plan to keep up with changing technology. I doubt they will. To many union thugs, too many fat cat bureaucrats, too many Peter Principle examples.
Full disclosure: In Feb, 2010, after a year of frustration with the USPS losing my mail, I dumped them and got a private mailbox at a UPS store. No problems since.
Who gets paid more and has better retirement plans, USPS, FEDEX, or UPS(unionized), which by the way, drops off a large amount of their parcels at the local PO for final delivery. Wonder why that is.