Insolvent US Postal Service Loses Whopping $5.2 Billion In Third Quarter, 70% Higher Than Year Ago

The epic collapse of one of the most bloated government institutions continues at a ridiculous pace. From Bloomberg:

  • U.S. POSTAL SERVICE LOST $5.2 BILLION IN THIRD QUARTER
  • POSTAL SERVICE LOSS Q3 COMPARES WITH $3.1 BILLION LOSS YEAR AGO
  • POSTAL SERVICE 3Q REVENUE FALLS TO $15.6 BILLION FROM $15.8B
  • POSTAL SERVICE ‘LIQUIDITY CHALLENGES’ REMAIN IN 2013
  • POSTAL SERVICE MAIL VOLUME FALLS 3.5 per cent IN THIRD QUARTER
  • POSTAL SERVICE WILL CONTINUE TO PAY EMPLOYEES, SUPPLIERS

And it gets better:

  • POSTAL SERVICE LOSS INCLUDES SKIPPED PAYMENT TO TREASURY¬†– in other words the taxpayer bailouts of the USPS have begun… and the loss would have been even bigger.

The punchline:

  • POSTAL SERVICE WILL ‘NEVER’ CEASE DELIVERING MAIL: MARSHALL

Of course: why ever stop doing something that is losing tons of¬†OTHER PEOPLE’S MONEY. Not like that money is your own.

Finally:

  • USPS has said it would run out of cash in Oct., assuming it wouldn’t make $11.6b in required payments to the U.S. Treasury for future retirees’ health-care costs
  • Congress recessed this month without passing legislation Postal Service said it needs to survive

Perhaps it is time to consider a Solyndra-USPS merger: who wouldn’t want to see solar powered stamps?

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