Postal Service reports $5.2B loss in 3rd quarter

Associated Press ^ | 8/9/12 | Hope Yen

[Justaham]

The ailing U.S. Postal Service is reporting quarterly losses of $5.2 billion.

From April to June, losses were $2.1 billion more than during the same period in 2011.

The mail agency said it is being hurt significantly by mounting costs for future retiree health benefits. Those expenses made up $3.1 billion of the post office's quarterly loss.

Declining first-class mail volume also contributed to losses.

The Postal Service for months has been urging Congress to pass legislation that would allow it to eliminate Saturday mail delivery and reduce the annual health payment of $5 billion. The post office defaulted on that payment last week after the House failed to take action.

The mail agency says it will miss a second $5.6 billion payment due next month as cash runs low.

[lurk]

Time to go private carrier. Chapter 11 that bad boy and let’s have an auction.

And while we’re at it, let’s do the same thing to health care, education, the auto industry, agriculture...

[Nervous Tick]

>> The mail agency said it is being hurt significantly by mounting costs for future retiree health benefits.

So go bankrupt and dump ‘em. They still have medicare. Screw this cadillac nonsense — we can’t afford it any more.

[bray]

Course paying mailmen 80-100K in salary and benefits has nothing to do with their bankruptcy. Cut the chord.

Pray for America