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Insolvent US Postal Service Loses Whopping $5.2 Billion In Third Quarter, 70% Higher Than Year Ago
Zero Hedge ^
| August 9, 2012
| Tyler Durden
Posted on 08/09/2012 9:34:02 AM PDT by Zakeet
The epic collapse of one of the most bloated government institutions continues at a ridiculous pace. From Bloomberg:
- U.S. POSTAL SERVICE LOST $5.2 BILLION IN THIRD QUARTER
- POSTAL SERVICE LOSS Q3 COMPARES WITH $3.1 BILLION LOSS YEAR AGO
- POSTAL SERVICE 3Q REVENUE FALLS TO $15.6 BILLION FROM $15.8B
- POSTAL SERVICE `LIQUIDITY CHALLENGES' REMAIN IN 2013
- POSTAL SERVICE MAIL VOLUME FALLS 3.5 PERCENT IN THIRD QUARTER
- POSTAL SERVICE WILL CONTINUE TO PAY EMPLPOYEES, SUPPLIERS
And it gets better:
- POSTAL SERVICE LOSS INCLUDES SKIPPED PAYMENT TO TREASURY - in other words the taxpayer bailouts of the USPS have begun... and the loss would have been even bigger.
The punchline:
- POSTAL SERVICE WILL `NEVER' CEASE DELIVERING MAIL: MARSHALL
Of course: why ever stop doing something that is losing tons of OTHER PEOPLE'S MONEY. Not like that money is your own.
Finally:
- USPS has said it would run out of cash in Oct., assuming it wouldnt make $11.6b in required payments to the U.S. Treasury for future retirees health-care costs
- Congress recessed this month without passing legislation Postal Service said it needs to survive
Perhaps it is time to consider a Solyndra-USPS merger: who wouldn't want to see solar powered stamps?
TOPICS: Business/Economy; Government; News/Current Events
KEYWORDS: economy; loss; mail; usps
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To: youngidiot
They don't get it. America laughed at that Newman character on Seinfeld because most Americans have no sympathy for postal workers.
To: Zakeet
The Postal Clause was added to the Constitution primarily to facilitate interstate communication, as well as to create a source of revenue for the early United States.
Unfortunately, it would take a Constitutional Amendment to dismantle this now outdated and wasteful service. As usual, private companies provide a better service with no burden on tax-payers. So what else is new?
22
posted on
08/09/2012 11:25:02 AM PDT
by
A Navy Vet
(An Oath is Forever)
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