Just in time for Christmas season the U.S. Postal Service has presented taxpayers with a record deficit of $15.9 billion annual loss to go with a recently approved increase in postage rates, according to a Wall Street Journal report.
The cash-hemorrhaging heavily-subsidized host of snail-snail mail edged closer to its own fiscal cliff as email and online transactions continue to cut into postal profits of outdated services in the Internet era. Meanwhile, private companies including Federal Express and UPS have captured much of the parcel/package business while the Postal Service depends on taxpayers to stay in the game.
The fiscal year ended Sept. 30 and follows the Postal Service's $11.1 billion default payment for retiree-health-benefit payments announced earlier this year.