You read that right. The United States Postal Service reported today that it lost $5.2 billion in one quarter of this year. In just the months from April to June, they managed to return a loss of that staggering sum. If you’re wondering, that means they had to lose money at the rate of $57 million per day to achieve it. This is nothing new. They lost $2.1 billion in the same quarter the previous year.
Yes, the Postal Service is still one of the greatest values Americans enjoy. For less than fifty cents, they will reliably carry your letter anywhere in the country. Yet, the USPS is suffering from some of the same problems that plague other government programs. Everyone knows that federal jobs are lauded for great retirement packages. Well, now, too many people are living too long and soaking up the benefits, causing the USPS to have to sock away more and more money for the future. Think social security. Not enough people putting in, but plenty taking out is set to bring that system to its knees if nothing is done.
One argument you might make is that these are just hard times and it will pass. Well, the problem with that is that fellow mail carriers in the private sector, namely UPS and FedEx, continue to flourish, despite costing more than the USPS pound for pound in services. So, for those keeping score, we have yet another government-run operation that cannot operate within its budget. Social security was another example of a government program being left for dead. These are only two small examples. Think about the deficit. The government is trillions in debt from years of not being able to break even on its operational budget. We often hear about Bill Clinton’s success with actually returning a surplus in the government budget back during his presidency. Still, while a noteworthy achievement in this era, it was only one year and the amount of the surplus was a mere drop in the bucket compared to what the country is dealing with.
So, you might think with more and more situations like these coming to light that the government might want to leave more things to the private sector since it has obviously failed over and over again when it is involved. Guess again? Enter the sweeping health care legislation, ObamaCare, if you will, that will start taking effect over the next several months. Think about it. Do you really want the government using its dysfunctional policies to oversee your health care as well?
Don’t worry, though. They can always borrow more money, right? It’s not like our credit rating went down for the first time in history or anything, right? Oh.