Thursday, 27 September 2012
Written by Bob Adelmann
With the announcement that
the U.S. Postal Service will be unable to make a $5.6 billion payment
to its employees’ health benefit plan due on September 30th, calls for
privatization of the archaic service are mounting.
The service already failed to make last year’s payment of $5.5
billion which Congress had allowed to be delayed until August 1st. And
it’s no wonder that the service can’t make those payments: it lost $5.2
billion in the third quarter this year, up from a loss of $2.1 billion a
year ago. Estimates are that the service will lose at least $10 billion
this year without counting the default of $11 billion in payments to
its benefit plan.
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