Postal Service | $15.9 Billion Loss
“It’s critical that Congress do its part and pass comprehensive legislation before they adjourn this year,” Postmaster General Patrick Donahoe said in a statement. The agency has reached a $15 billion borrowing limit.
The fiscal year’s loss is more than three times the $5.1 billion loss reported last year, the Postal Service said.
The agency has repeatedly said that its financial woes are partly the result of the funds Congress requires the Postal Service to set aside for future retirees.
About $11.1 billion of the red ink came from health benefits for those future retirees, an obligation the agency says it cannot afford as mail volume plummets.
. . . In January the agency plans to raise first-class mail rates by a penny, to 46 cents. But the increased revenue is not expected to cover the losses. . . . [Read Full Story]
Tags: USPA, Unites States Postal Service, losses To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service. Thanks!
Posted by Bill Smith at 7:16 PM - Post Link
3 Comments:
Sounds like a job for the "Fix it man". Put Mitt in charge and pay him a billion to save the P/O from losing another 16 billion.
Let's Abolish the Post Office | THE PLAIN TRUTH by Judge Napolitano 5/11/11
http://www.youtube.com/watch?v=bcfvq69UKjA
Agree that the Post Office must become more economical, etc.
However, what do we do with the fact that it is one of the few agencies besides the military authorized by the Constitution?
"The United States Post Office (USPO) was created in Philadelphia under Benjamin Franklin on Wednesday, July 26, 1775, by decree of the Second Continental Congress. Based on the Postal Clause in Article One of the United States Constitution, empowering Congress "To establish post offices and post roads", it became the Post Office Department (USPOD) in 1792. Until 1971, it was part of the Presidential cabinet and the Postmaster General was the last person in the United States presidential line of succession."
Post a Comment
<< Home