Postal Service Loses Record $15.9B in 2012

The U.S. Postal Service announced Thursday that it lost a record $15.9 billion in the most recent fiscal year, and urged Congress to wrap up its work on a postal overhaul before the end of the year.

USPS’s fiscal 2012 losses were largely driven by two separate defaults, in which the agency failed to pay a combined $11.1 billion in required prepayments for retiree healthcare.

Postmaster General Patrick Donahoe said that his agency was doing what it could to stay afloat, given legal restrictions, but that the almost $16 billion in losses illustrated just how serious the need was for congressional action.

“It’s critical that Congress do its part and pass comprehensive legislation before they adjourn this year to move the Postal Service further down the path toward financial health,” Donahoe said in a statement.

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16 comments on “Postal Service Loses Record $15.9B in 2012
  1. afanaglenn says:

    This is just another area where Obama’s inattraction to the country’s welfare is missing, allowing the postal service to get into so much debt. This jackass has to go, one of the worst things to happen to us since the great depresion.

    • Progressive Republican says:

      It’s not Obama’s fault, it’s the petulant Republicon Congress of 2006′s fault.

  2. Dick Grace says:

    Another great government program in action. Sell the assets off at auction, there will be numerous buyers. We have a number of companies that will be glad to take over their job at a reduced cost.

  3. TheSharperWon says:

    Another BEHEMOTH government animal, SLOW to react to changes in technology!!! And we want the government in charge of healthcare. Scary!

    • Progressive Republican says:

      The USPS has traditionally been at the forefront of technological advancement within the constrictions placed on them by Congress. There is not one private shipping company anywhere nearly as efficient. Try getting quotes from any of them and compare them pound for pound pricewise.

  4. Thomas says:

    In the earlier years before and after WW 2 the postal service had no real competition. in the 1950′s we used to get 2 mail deliveries daily. The Post office was privatized years ago and they cannot deal with competition. Cut their managements Salaries and scrap the Unions; and just deliver mail, let the competing companies do the heavy work

    • Progressive Republican says:

      The USPS DOES the heavy work. If they didn’t there would be no rural deliveries of ANY kind since EVERY private shipper uses the VASTLY more efficient USPS to deliver there. Not one private shipper will go out there because it eats too much into their profit margin.

  5. RLM357 says:

    P—POOR management is responsible for this alleged shortfall. Yet they still gave raises to upper management. A few uyears ago they gave Milliojns in Bonuses to top management and than declared another loss and requested and got a postage increase. They maintain a monopoly on mail service and what can anc cannot be privately shipped or sent. The USPS is a PRIVATE ENTITY with Gov Approved management. Need I say more? ~Rick Magee, FL

    • Progressive Republican says:

      “Need I say more?” Sure, although I’m not sure where to start. Hmmm… okay: you clould be more factual. Better pseliling mihgt hlep too.

  6. CamoCoyote says:

    11.1billion in retiree healthcare benefits prepayment in one year? OK, where’s the other 4.8 billion going? Another union bankruptcy…. Are we seeing a pattern here?

    • Progressive Republican says:

      The other $4.8 billion is tacked on from the previous deficit. All is going according to plan.

  7. Progressive Republican says:

    Overhaul is unnecessary. Simply delete the ridiculous retirement provision from the Postal Act of 2006. It’s really that simple. Forcing them to cover retirement expenses for employees who haven’t even been born yet? How stupid is that?

  8. Usa FlagFlyn Gal says:

    What a bunch of BS! The FED and IRS takes the profits from the postal service and puts it in the General Fund then blows it on what ever the hell they want. The Profits should go into a trust to be used for the postal service alone. Everyone of the little delivery trucks in my area are old and breaking down all the time. My mail comes at all different times of the day. Poor mailmen and gals are worn to a frazzle having to pick up parts of other routes cuz there aren’t enough delivery/ drivers to keep up. What a mismanaged Government we have.

  9. Usa FlagFlyn Gal says:

    Be more expicit or shut the ole pie hole! You want congress to drop they’re drawers for Obama everytime he flaps his big pie hole? The congress would beable to act if he would commit to “working together” instead of just giving the idea a bunch of Hot Air and Lip Service! Never saw a leader with such hostility toward anyone who won’t cave to his demands. I guess you can include the latest as an example: Libya Gate and the Generals Bedfellows. What’s Behind the Oval Office Door???????????????????????????????

  10. Usa FlagFlyn Gal says:

    You are one of the 47% Idiots! Why don’t you give some constructive, instead of girly giberish, to the awesome problems this country has. Get a Life, Butthead!