Another bad year and deeper in debt. This is the story of the United States Postal Service, which, as Billy House of the National Journal, reports:
... is seeking rate increases to raise $2 billion, but it might reconsider if Congress can take action to help close its $20 billion budget gap.
The problem is not what one could call temporary or cyclical judging by the USPS' own statement saying it:
… recorded a $15.9 billion net loss last fiscal year and expects to record a loss of roughly $6 billion in the current fiscal year, and has an intolerably low level of available liquidity even after defaulting on its obligation to make prefunding payments for retiree health benefits
It is going to take an awful lot of 34 cent postcards to fix all that.
Still, the mail must get through and one expects that the USPS will get its rate increase. And continue to lose money and suffer from the kind of woes one would anticipate from a quasi-governmental monopoly.
Sort of like what we can look foreword to with Obamacare. Never enough money, ever shoddier service, and endless poor mouthing.