U.S. Postal Service Still Bleeding Money

A quick update on the status of the employment agency that is the U.S. Postal Service:The Wall Street Journal is reporting that the government agency has posted yet another massive loss in the latest fiscal quarter, to the tune of almost $2 billion, despite raised delivery rates and expanded package delivery.Zero Hedge shares my scorn for this bloated and outdated arm of government, and has helpfully taken the poignant excerpts from the WSJ article out for us to read with (mild) shock and fury.

From the WSJ: "The USPS said its total liabilities were $67.16 billion at the end of the period, compared with $23.16 billion in assets."That means the net capital deficiency, or "cost", to keep the USPS alive, amounts to some $44 billion as of this moment (which includes $3.1 billion in contributions from the US government and a $47 billion deficit since the 1971 reorganization).Continuing: "The Postal Service reached its $15 billion credit limit with the Treasury Department in 2012. Under law, the USPS must pay its own way. It doesn't receive an annual taxpayer subsidy, but is reimbursed by Congress for some services such as delivering mail to the blind and overseas voters. The agency is saddled with a congressional mandate that requires it to prefund more than $5.5 billion annually for health benefits for future retirees. The service said Monday that it won't be able to make its required $5.7 billion payment by Sept. 30."

The only reason that the Postal Service continues to exist is its 600,000-plus total employees, a voting mass that government is hesitant to cut from the teat, despite the agency's obsolescence and the massive drain its salaried and pensioned workers have on the budget.You can read an earlier article I wrote on the USPS not being "too big to fail" here, should the mood strike you.Receive access to ALL of our EXCLUSIVE bonus audio content – including “Conspiracy Corner”, “Degenerate Gamblers” and the “League of Liberty Podcast” by joining the Lions of Liberty Pride and supporting us on Patreon!