A quasi-governmental organization is facing a $14.1 billion loss this year. Its “product” is being supplanted by the Internet. Last week it defaulted on a $5.5 billion payment due to the U.S. Treasury. But don’t worry: It’s off the hook! There’s no legal penalty for missing said payment, which, in fact, was originally due last year; Congress conveniently moved the deadline. A similar payment is due within a scant month, but don’t expect that to be paid either. As outlined in the Aug. 1 news article, “USPS is unable to make a $5.5 billion payment,” the Postal Service is excused from failure.
On how many fronts can one ask “what’s wrong with this picture?” Is it Congress’s requirement that the Postal Service prefund 75 years’ worth of future health benefit payments to retirees within 10 years? Is it the Postal Service’s failing business model? Is it that Congress tells businesses “do as we say, not as we do”?