A Government That Can’t Run Post Office Takes On Health Care

In July 2009, the GAO listed the USPS’ financial condition as “high-risk” and said immediate attention was needed to improve its financial viability.   Now, almost a year later, the U.S. Postal Service is close to exhausting its $15-billion borrowing limit with the U.S. Treasury, and it has unfunded pension and retiree health obligations and other liabilities of about $90 billion for fiscal 2010, the GAO said.

“USPS is facing a major financial crisis,” projecting a record loss of over $7 billion in fiscal year 2010, says the April 22 GAO report. Moreover, without cost-cutting and revenue-raising measures, “USPS expects financial losses will escalate over the next decade.”

Failure to achieve a “major restructuring” of the U.S. Postal Service “will increase the risk that taxpayers and the U.S. Treasury will have to provide financial relief,” says a recent report from the Government Accountability Office.  Unless the USPS revamps its “current business model,” financial problems will persist.  According to Herr’s prepared statement, the USPS projects that by 2020 it will incur $238 billion in cumulative financial losses if cost containment and revenue raising measures are not put in place.

“USPS and its employee unions will begin negotiations for new agreements in 2010 and 2011,” stated Herr. “In this regard, the time has come to reexamine the structure for collective bargaining that was developed 40 years ago.”

The longer it takes for USPS and Congress to address USPS’s challenges, the more difficult they will be to overcome,” the GAO report concluded.

USPS is losing billions of dollars.  Do you really want the government running your health care too?

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