23 July 2012 0 Comments

USPS, A Government Monopoly on Mail Delivery, Can’t Meet Its Legal Payment Obligations: Or USPS is Bankrupt

How Does the Happen? A government business goes bankrupt.

 

The Postal Service repeated on Wednesday that without congressional action, it will default—a first in its long history, a spokesman said—on a legally required annual $5.5 billion payment, due Aug. 1, into a health-benefits fund for future retirees. Action in Congress isn’t likely, as the House prepares to leave for its August recess.    READ MORE WSJ  18 July 2012

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