The future of our U.S. Postal Service is dubious. Even worse, the postal workers and unions didn't object to the bill Congress passed the Postal Accountability and Enhancement Act in 2006. The law requires that the Postal Service start pre-funding the health benefits of future retirees 50 years in advance at a rate of about $5.6 billion per year.
A year later, the drumrolls sounded as their ledgers showed a loss of $5.1 billion. The 238-year-old institution lost $15.9 billion last year and loses -- get this -- $25 MILLION EACH DAY!
It has reached its borrowing limit with the federal Treasury, according to the Tribune Washington Bureau, Wes Venteicher reporting.
At the current rate, daily mail delivery could become remote within a year.
Because more people write messages, pay bills and read magazines online, U.S. mail volume has fallen by a quarter since 2006. And that's from the Government Accountability Office, folks.
You can go after the Postmaster General, named Patrick Donahoe, but he has reduced staff, consolidated mail facilities and lowered express delivery standards which have become borderline laughable. A Congressional committee heard Postal Service Chairman of the Board of Governors, Mickey Barnett's position: "We are in real trouble, and we need comprehensive postal reform yesterday!"