US Postal Service Loses $1.9 Billion; Needs $10 Billion Bailout Or Pensions Get It

Friday, May 9, 2014
By Paul Martin

by Tyler Durden
ZeroHedge.com
05/09/2014

Revenues are up modestly for the US Postal Service as First-class Mail volumes continue to tumble “extremely” but package volumes are rising; however, USPS records a $1.9 billion loss in the last quarter, despite efforts to streamline efficiency and cut costs. The rise in package volumes appears related to a “Sunday delivery” deal with Amazon.com who “found a great fit with USPS’ capability and desire.” However, USPS says it needs $10 billion for deferred investments (i.e. Capex) and warns if it does not get its bailout:

*USPS SEES UNABLE TO MAKE $5.7B RETIREE PAYMENT W/OUT REFORM

Given USPS says no new employees have been hired and flexible scheduling used for Sunday delivery, we wondered who exactly is benefiting from the taxpayer funded desperation of the USPS to do anything for even loss-making revenues?

The Rest…HERE

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