Postal Service Losing $42,335,766 Per Day
Most of the loss could be eliminated if the Congress
would drop the requirement to prefund retiree health benefits for
workers not even hired yet. Congress has used the USPS as a cash source
supporting their big-spending ways.
The U.S. Postal Service has been losing an average of $42,335,766 per day in fiscal 2012.
On Thursday, the service reported a third quarter (April 1-June 30) net
loss of $5.2 billion, bringing its fiscal year-to-date net loss to $11.6
billion.
There were 274 days in the first three quarters of fiscal 2012. Thus
the Postal Service has lost, on average, $42,335,766 per day in this
fiscal year.
However, those losses have not been evenly distributed over the
period. In the most recent quarter, the Postal Service's losses
dramatically increased.
In the first quarter of fiscal 2012 (Oct.-Dec.), the Postal Service
lost $3.3 billion. In the second quarter (Jan.-March), it lost $2.2
billion.
During the third quarter alone, when the Postal Service lost a total
of $5.2 billion, the service was losing money at a rate of $57,142,857
per days.
The Postal Service said that it had to use $3.1 billion in the third
quarter to fulfill a legislative mandate for prefund retiree health
benefits, significantly contributing to its losses.
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Postal Service Losing $42,335,766 Per Day | CNSNews.com.
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