That the biggest government source of employment just posted a record $15.9 billion loss (bigger than the $15 billion expected previously), is no surprise to anyone: after all most are openly expecting the USPS to fold, the only outstanding question is whether it will transform into a company that is actually competitive with the private sector (unlikely), or liquidate (also unlikely in an era where government jobs are becoming the only form of employment available). Sadly, keeping this zombie alive costs all other taxpayers $250 million each day: money that could be used much more effectively in other areas of the economy, but won't. Because there are USPS votes that have to be purchased at cost. Perhaps the biggest surprise is that while the USPS had a total of 607,400 employees in October, this was the lowest number of total employees for the non-profit (but certainly loss-driven) government run organization since the 1960s! Perhaps most shocking is that the USPS peaked at over 900K employees in 1999 when it was still if not profitable (as it doesn't need to be by its charter) then certainly breakeven. Sadly those days are now gone, and the next thing to go will be all the promised benefits for the 600K or so employees.
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5 comments:
Paid for by our tax dollars. Or your tax dollars as my business is in the crapper due to government regulations and banking policies that don't allow regular people to borrow money anymore.
I have'nt been regular for years.My letter carrier keeps me abreast of how screwed up things are at the USPS.Such a shame.
Let it die. No reason for a gov't enforced monopoly.
They ran out of cash two years ago.
If this were happening to my business, I'd be in a total panic and cutting costs, reworking strategies, reducing ineffective actions, consolidating locations, ANYTHING to turn it around! But, no, it's not their money they are losing. They get to lose ours and keep on with existing policies.
Article 1, Section 7 of the Constitution gives Congress the power to establish Post Offices and Postal roads, but in NO WAY REQUIRES them to act on that power!
With our present email system and the big three parcel delivery companies as part of our economy, there is little to no need of our Postal Service. THAT'S WHY THEY ARE OPERATING AT A LOSS! As soon as they are deleted from existence, the other delivery companies will easily bid for taking up any deliveries the post office was needed for and charge properly for it. That will morph current methods to a new method, and VOILA! We save $250 million a day we can use toward the national debt!.
Now, Let's make that list of other Gov't agencies losing money every day!
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