Do you remember when the mailman used to drive his personal car to the route? Not anymore, now the postal service supplies vehicles at what cost? Then they need a place to park these vehicles so they have to acquire neighboring real estate at what cost? No wonder they're broke. Can you imagine a business running like this?
Maybe we can get them to cut the weeds.
The U.S. Postal Service's net loss widened to $5.2 billion during the three months that ended in June, and the cash-strapped agency warned on Thursday that without help from the U.S. Congress it will face low cash and be unable to borrow money this fall.
The Postal Service, which relies on the sale of stamps and other products rather than taxpayer funding, has been struggling for years as Americans increasingly communicate online and as payments to its retiree health benefits program and other obligations drain its cash.
The mail agency suffered its first-ever default last week on a legally required $5.5 billion payment for future retiree health benefits. The agency's inspector general said the Postal Service could face a $100 million cash shortfall in mid-October.
Read more: http://www.foxbusiness.com/economy/2012/08/09/postal-service-loses-52-billion-warns-low-cash/#ixzz233ycWnbJ
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