Post Office May Not Survive Winter-Nearing Default

Not good news for the winter mailing-holiday season. According to reports, the US Postal Service is nearing default...

According to Postal Service Officials,  The Post Office is nearing default, and may not survive past winter, if Congress and the Government do not take action.  The Office is  having trouble making a 5.5 billion dollar payment.  Much of the problem is due to the internet age, which may have finally caught up with the USPS.   Think for a moment at your work: how many letters have been replaced by e-mails?   But even with that issue, the USPS could probably weather the storm, as they have been aggresively marketing themselves to compete with UPS and Fed Ed. in the delivery business.  However,  on the other side,  internal costs are killing the USPS.  Unlike UPS, union related costs-pensions, wages and benefits take up a staggering 80 percent of the USPS expenses!  Unless serious concessions are made with the unions, and ways are found to cut costs, the winter mailing may have lines of people at UPS, Fed Ex  and other couriers instead of the USPS.  Much like GM, union costs are a significant reason for the demise of the "company."