WASHINGTON (AP) — The struggling U.S. Postal Service on Thursday reported an annual loss of a record $15.9 billion and forecast more red ink in 2013, capping a tumultuous year in which it was forced to default on billions in payments to avert bankruptcy.
The financial losses for the fiscal year ending Sept. 30 were more than triple the $5.1 billion loss in the previous year. Having reached its borrowing limit, the mail agency is operating with little cash on hand, putting it at risk in the event of an unexpectedly large downturn in the economy.

"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," said Postmaster General Patrick Donahoe, calling the situation "our own postal fiscal cliff."

Much of the red ink in 2012 was due to mounting mandatory costs for future retiree health benefits, which made up $11.1 billion of the losses. Without that and other related labor expenses, the mail agency sustained an operating loss of $2.4 billion, lower than the previous year.

Donahoe said the post office has been able to reduce costs significantly by boosting worker productivity. But he said the mail agency has been hampered by congressional inaction on a postal overhaul bill that would allow it to eliminate Saturday mail delivery and reduce its $5 billion annual payment for future health benefits.
Without legislative changes, it said, annual losses will exceed $21 billion by 2016. "If Congress fails to act, there could be postal slowdowns or shutdowns that would have catastrophic consequences for the 8 million private sector workers whose jobs depend on the mail," said Art Sackler, co-coordinator of the Coalition for a 21st Century Postal Service, a group representing the private sector mailing industry.

Full story: http://www.mail.com/news/politics/1703660-post-office-reports-record-loss-159b-year.html#.7518-stage-hero1-2

Mayhaps, el gobierno can figure a way to eliminate private competition.

When business is run badly this is what you get. Likewise is the dogma Unions love to tell us an Employer OWES us a pension...

That's what the PO is trying to do get the government out of regulating how the PO operates.
And we pay into our pension, and pay for insurance.