The government’s mail service said it lost $3.1 billion in the period from April to June, blaming “the anemic state of the economy” and the growing popularity of electronic communications over old-fashioned letters.
As a result of its mounting losses, the US Postal Service said it would not be able to make a legally required $5.5 billion payment in September to a health-benefits trust fund.
“Absent substantial legislative change, the Postal Service will be forced to default on payments to the federal government,” it said in a statement.
Dating back to 1775, the US Postal Service was once a crucial branch of the federal government, but in recent years it has come under increasing fire from critics who consider it bureaucratic and inefficient.
In July, it unveiled plans to identify nearly 3,700 under-used post offices around the United States for possible closure. The Post Office has been hemorrhaging billions of dollars in recent years.
$3 billion loss in 3 months?? Unemployment rates creatively decreased to no avail, credit rating lowered nevertheless! Why the credit rating remained high for so long is amazing. The system is BANKRUPT! It has been propped up for so long, the props have rotted through.
The internal manufacturing and support infrastructure has collapsed. All the US money has disappeared overseas and into the bankers’ and profiteers’ pockets. All the public service structures have been abandoned and are crumbling. Health, education, police, civil service and fire departments all with financial stresses and a bleak future. Nearly all the states are struggling with only a downhill path to tread.
So many warnings, so many pleadings, the alternative internet cyber system has been filled with information, understanding of the reality and offering warnings of disaster for years.
But, Nero (Obama) has fiddled while Rome (USA) burned, its troops all overseas on unwinnable missions, and he still doesn’t understand what is going on around him. Nobel Peace Prize? HA!
I have no sympathy for the president, politicians, financiers and bankers, but the public and other innocent sufferers deserve better.
It would be a relief if I am wrong, let us hope so!
- Postal Service could default (politico.com)
- Postal Service Loses More Than $3 Billion, Could Be Forced To Default (huffingtonpost.com)
- post office news (postagemeters.wordpress.com)
- USPS-Facing Massive Closings – Can You Do Without A Post Office? (pobeptsworld.wordpress.com)
- Postal Service to close Harrisburg’s Market Street post office (pennlive.com)