USPS Post Half a Billion in Losses Despite Billions in Subsidies
14th August 2015
While government bureaucrats are notoriously inefficient at their core missions, such as the EPA polluting the Animus River, the one thing they are consistently efficient at is losing taxpayer dollars. In addition to the EPA’s recent bungles, the U.S. Postal Service this week continued its long tradition of hemorrhaging money.
This week the Postal Service reported a net loss of $586 million for the third quarter of fiscal 2015. The USPS’s ability to lose over half a billion dollars in just three months would almost be impressive if it wasn’t a detriment to American taxpayers. The fact is the USPS receives roughly $18 billion in taxpayer-backed subsidies annually yet is still failing.
Despite this massive multi-billion dollar subsidies crutch, the Postal Service continues to prove incapable of financial accountability. The third quarter losses this week are not only a massive bureaucratic failure but also mean the Postal Service has now posted revenue losses 25 out of the last 27 quarters.