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.
via Postal Service Losing $42,335,766 Per Day | CNSNews.com.
http://albanysinsanity.wnymedia.net
