Last week, the Postal Service announced that the year-end loss was, gulp, $8.5 billion.
But there's more to the story:
If we didn't to have to pay $5.5 billion to prefund Retiree Health Benefits and we were not impacted by changing interest rates for Worker's Compensation, our controllable, operating loss would have been only $500 million.
That puts things in perspective, don't you think?
The Wisconsin State Journal wrote a story on the loss and said this:
"It's time for Congress to get serious about stabilizing the service — without jacking up the price of stamps yet again.
• Let the Postal Service reduce payments of retirees' health insurance premiums.
• Grant the Postal Service authority to reduce delivery from six days a week to five.
• Let the Postal Service close more of its offices and outlets.
• Lift the Postal Service monopoly on letters and mailbox deliveries to allow competition.
• Allow the service to develop more competitive products."
So, what do you think? Comment here.