Editorial: Let the Postal Service reorganize
$57 million -- That's the daily drain from the U.S. Postal Service over the last quarter year. Losses from April to June totaled $5.2 billion, more than double the same period last year. After defaulting on one payment to the U.S. Treasury and warning of a default on a second, the Postal Service is nearly bankrupt, unable to break free of a vicious downward spiral. For months Congress has refused to pass legislation to let it drop some services and reduce pre-payments to overfunded health and pension plans.
It's time to act before mailboxes are antiques.