Another Post-Election Record! The Post Office Loses $15.9 Billion

Yesterday we find out October’s budget deficit was a whopping $120 billion. This morning we find out first-time jobless claims surged by more than 100,000 last week.

Now there’s this record-setting news from the USPS:

U.S. Postal Service Faces Default Without Action

The U.S. Postal Service said its net loss last year widened to $15.9 billion, more than the $15 billion it had projected, as mail volume continued to drop, falling 5 percent. The service, whose fiscal year ends Sept. 30, lost $5.1 billion a year earlier…

Mail volume for the year fell to 159.9 billion pieces, led by an 8 percent decrease in single-piece first-class items, the most profitable kind of mail that includes letters, cards and bill payments.

They’re going to lose more and more money as people send fewer and fewer letters. And why should we? Mail sucks. Does anyone believe Americans are suddenly going to start sending more mail?

If President Obama really were the innovative, forward-thinking, modern, hip-happ’nin’ guy his supporters say he is, he’d give a speech tomorrow and say “Look, folks—this is the 21st Century. We’re not gonna keep wasting billions sending guys in knickers and pith helmets door-to-door every day. It’s called ‘Gmail’—and it’s free.

Instead he’ll do what he did for GM and Chrysler—spend billions of tax dollars to take care of the unions. Meanwhile, Ford took no bailout and just announced an unexpectedly large profit.

GM? Their stock is around $23 a share. Price needed for taxpayers to just break even? Around $53/share.

This isn’t about economics. It’s about politics. Unions organize and turn out voters, so the government gives them more of your money. It’s a vicious circle for taxpayers, but a blessed one for government union members with cushy post office jobs.



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