US Postal Service On the Brink of Bankruptcy

A dying dinosaur?

The U.S. Postal Service warned Wednesday that it may default on some of its financial obligations later this year after reporting yet another quarterly loss.

The USPS, a self-supporting government agency that receives no tax dollars, said it suffered a loss of $329 million in the first quarter of federal fiscal year 2011. That compared with a loss of $297 million a year earlier.

The agency has been suffering from an ongoing decline in mail volume, which has undercut revenues, while retiree health care costs have been straining its reserves…

With a monopoly on first class mail delivery, it still can’t make it. Time to abolish the privilege and put all mail delivery in private hands. There’s just no justification in the era of e mail and cell phones for a monopoly mail service.

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