The U.S. Postal Service lost more than $1 billion per month in the final quarter of 2011 and expects to be bankrupt by the end of the year, AP reports:
The U.S. Postal Service is reporting quarterly losses of $3.3 billion, hurt by declining mail volume and mounting costs for future retiree health benefits.
From October through December of 2011, losses were $3 billion more than during the same period in 2010 - even though the final quarter is typically the strongest, due to increased holiday shipping.
The mail agency says that at the rate it's going, it will run out of money by October.
Just how bad is the situation? It has avowed Socialist Bernie Sanders complaining about too much government regulation.