This amount simply boggles the mind. Given the success of UPS and FedEx I can't but help wonder if losses like this would occur if the postal service were privatized.

"The U.S. Postal Service boosted its revenue through price increases and a continued focus on package-shipping, but still ended the third quarter with a $1.96 billion loss.

The agency boosted revenue by 2% to $16.5 billion in the period ending June 30. The improvement was due mainly to growth in its package-delivery business, which saw revenue rise 6.6% to $3.19 billion as postal customers increased their online spending.

The service's operating expenses rose 9.2% to $18.42 billion, as compensation and transportation costs grew.

Established in 1775 to enable secure communications during the Revolutionary War, the post office was designed to handle letters, not packages, and it is aging. Nearly 140,000 of its 200,000 mail vehicles are more than 20 years old, and the service lags behind competitors in technical equipment.

The USPS said its total liabilities were $67.16 billion at the end of the period, compared with $23.16 billion in assets. The Postal Service reached its $15 billion credit limit with the Treasury Department in 2012.

Under law, the USPS must pay its own way. It doesn't receive an annual taxpayer subsidy, but is reimbursed by Congress for some services such as delivering mail to the blind and overseas voters. The agency is saddled with a congressional mandate that requires it to prefund more than $5.5 billion annually for health benefits for future retirees. The service said Monday that it won't be able to make its required $5.7 billion payment by Sept. 30."

http://www.marketwatch.com/story/us-post...loss-2014-08-11