Congress helped (more than usual) to create this problem by refusing to let the Postal Service restructure and downsize years ago.
It forced USPS to stay in “business” at artificial levels solely to artificially “fund” the USPS pension plan.
Of course, the backup plan was a federal bailout, which the corrupt congresscritters betted on being able to sell once the problem reached a tipping point.
We shall see.
What Congress did that hurt the most was done in the enabling legislation passed back under Richard Nixon. That was to restrict USPS' ability to ELIMINATE BUILDINGS.
It's totally bizarre.
In the late 1970s I did a study that demonstrated that USPS could get rid of over 25,000 "buildings", restructure rural route service, and save $800,000,000 per annum (now probably worth $10,000,000,000.
About funding retirement, that was one of the Leftwingtard senators from maine who forced USPS to pay AHEAD on "future retiree" medical insurance. They have to pay $5 billion a year into a fund that is supposed to take care of that in the future.
So, how many companies pay ahead on medical insurance for retirees?
I know the answer ~ and the names, but can you name even one of them?
At the same time USPS is ahead by about $78,000,000,000 in paying for regular retirement costs for future retirees.
No other agency of government has made such advanced payments at those levels.
What that means is USPS' employees are being used by the Obamistas to subsidize the US government.