http://www.washingtonpost.com/…
The Postal Service suffered a $15.9 billion loss in the past budget year and has forecast more red ink in 2013. It says it expects to save $2 billion annually with the Saturday cutback. The Postal Service, an agency independent of government, does not receive tax money for its operations but is subject to congressional control over major aspects.
The majority of the service’s red ink comes from a 2006 law forcing it to pay about $5.5 billion a year into future retiree health benefits, something no other agency does. Without that payment – $11.1 billion in a two-year installment last year – and related labor expenses, the mail agency sustained an operating loss of $2.4 billion for the past fiscal year, lower than the previous year.
http://www.esquire.com/feature…
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