It’s not news that the United States Postal Service is going bankrupt, but the reality of the situation has finally started to sink in. The New York Times reported in early September that the agency cannot afford a $5.5 billion pension-fund payment that’s due this month.
At the core of the problem are the horrific contracts that USPS has negotiated with its employees’ unions. As the Times reported:
Decades of contractual promises made to unionized workers, including no-layoff clauses, are increasing the post office’s costs. Labor represents 80 percent of the agency’s expenses, compared with 53 percent at United Parcel Service and