Read More »"/> Read More »"/> U.S. Postal Service Loses $2.2 Billion in First Quarter: $7 Billion Expected Loss for the Year | MyGovCost | Government Cost Calculator

U.S. Postal Service Loses $2.2 Billion in First Quarter: $7 Billion Expected Loss for the Year

Wednesday May 11th, 2011   •   Posted by David Theroux at 4:49pm PDT   •  

Ed O’Keefe reports at the Washington Post that the U.S. government’s postal monopoly continues to hemorrhage red ink at an astounding rate as a result of huge and unsustainable, public-employee-union pension schemes:

The U.S. Postal Service reported $2.2 billion in losses during its second quarter, continuing several quarters of historic losses amid declining mail volume and financial obligations to prefund worker retirement benefits.

Postal officials said Tuesday that the mail agency is still on course to lose about $7 billion when its fiscal year ends in September.

Revenue in mail deliveries totaled $14 billion in the second quarter, down about $568 million, or 3.9 percent, from the same time last year. Shipping revenues also dropped to about $2.2 billion, a 5 percent drop from 2010.

Year-to-year, total mail volume dropped 3 percent to 41 billion pieces in the second quarter, led by ongoing drops in first class mail. . . .

For the full article, please click here.

Notice: Undefined variable: thumb_url_relative_nonums_or_x in /mnt/stor3-wc2-dfw1/509309/ on line 139

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /mnt/stor3-wc2-dfw1/509309/ on line 139

Facebook Twitter Youtube


By linking to from this page, Independent Institute earns referral fees of 4% to 15% from whatever you buy. Bookmark the above link and you can support the Institute when you do your normal shopping!


RSS Recent Posts on The Independent Institute’s Other Blog, The Beacon

May 2011