6 votes

U.S. Postal Service on a ‘Tightrope’ Lost $15.9 Billion

U.S. Postal Service on a ‘Tightrope’ Lost $15.9 Billion

By Angela Greiling Keane
Nov 15, 2012 7:50 AM PT

The U.S. Postal Service said its net loss last year widened to $15.9 billion, more than the $15 billion it had projected, as mail volume continued to drop, falling 5 percent.

Without action by Congress, the service will run out of cash on Oct. 15, 2013, after it makes a required workers compensation payment to the U.S. Labor Department and before revenue typically jumps with holiday-season mailing, Chief Financial Officer Joe Corbett said today.

The service, whose fiscal year ends Sept. 30, lost $5.1 billion a year earlier. It announced the 2012 net loss at a meeting at its Washington headquarters.

Read more: http://www.bloomberg.com/news/2012-11-15/u-s-postal-service-...

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Paging Lysander Spooner,

Paging Lysander Spooner, Paging Mr. Spooner, you have a message sir in the lobby.

Southern Agrarian

Republicans have stacked things against the postal service

The US postal service is expected to survive as a private entity, but it is also subjected to micromanagement from congress, which can demand things of the postal service that could be expected of no private business. The USPS is being set up to fail.

Remember that our founders insisted on a nationalized postal service. When times get hard, it's one thing we can't throw to the wolves of the free market.

Government can't monitor

what's in all those little white envelopes. Prefers populace using the traceable internet for communication and money transactions. I'm one of the ancients who still pay my bills with US mail and write letters/cards. Guess that will be coming to an end soon. Not sure how they will control/direct the outcome of US Postal Service failure to their benefit, but I'm sure it is in the making.

bigmikedude's picture

I guess they should have named those new Flat Rate boxes

Flat Line boxes.

Good Line Mikey!!

lol..

Outsource?

To India or China?

Perhaps they could do it cheaper receiving and delivering the mail from there. lol

donvino