The U.S. Postal Service’s latest financial results have been released. They are not good.
The agency booked a loss of $2.1 billion in the first half of the fiscal year, which it ends with $15 billion in debt. Since 2011, the USPS has defaulted on $27 billion in payments to its Retiree Health Benefits Fund, and it may well fail to pay this year’s $5.7 billion installment, due September 30.
The Postal Service also reports that its 140,000-vehicle fleet is more than 20 years old and overdue for replacement. Two of its four employee unions are negotiating for better compensation, which would further raise operating costs at an agency where employee compensation already accounts for 80 percent of overhead…(Read more at RealClearPolicy.com)