The U.S. Postal Service posted a net loss of $3.1 billion in its third quarter and warned again it would default on payments to the federal government if Congress did not step in.
The mail carrier, which does not get taxpayer funds, has struggled to overhaul its business as mail volumes fall. It has said personnel costs weigh heavily and is facing a massive retiree health benefit prepayment next month.
"Without changes in the law, the Postal Service will be unable to make the $5.5 billion mandated prepayment due in September."Massive retiree health benefits? Those wouldn't be for public service UNION benefits would they?
Don't get me wrong, I am not against unions, but how does one continue to make promises that cannot be kept?
Oh, that's right...Its the Government!