“UPS and FedEx are doing just fine. It’s the Post Office that’s always having problems.” — Barack Obama, Aug. 11, 2009
No institution has been the butt of more government- inefficiency jokes than the U.S. Postal Service. Maybe the Department of Motor Vehicles.
The only way the post office can stay in business is its government subsidy. The USPS lost $2.4 billion in the quarter ended in June and projects a net loss of $7 billion in fiscal 2009, outstanding debt of more than $10 billion and a cash shortfall of $1 billion. It was moved to intensive care — the Government Accountability Office’s list of “high risk” cases – – last month and told to shape up. (It must be the only entity that hasn’t cashed in on TARP!)
That didn’t stop President Barack Obama from holding up the post office as an example at a town hall meeting in Portsmouth, New Hampshire, last week. MORE