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Today (November 15, 2013), the U.S. Postal Service, which doesn’t get a dime of taxpayer money, reported an operating profit of $600 million for delivering the mail in Fiscal Year 2013.
But the 2006 congressional mandate to massively pre-fund future retiree health benefits—a political requirement placed on no other agency or company in the country—cost USPS $5.6 billion, leaving an operating profit of $600 million but a net loss of $5 billion.
This news proves that USPS is set to make a strong comeback if lawmakers address this artificial financial crisis created by the pre-funding fiasco and free the Postal Service to use its universal retail and delivery networks to innovate and grow.
For those who wondered... what would Management have gotten away with if
not for the Union?...
You could still be stuck with stuff like this.