Post Office Has $329 Million Loss in First Quarter

Katie Pavlich | February 09, 2011 11:35 AM

Fiscal responsibility and efficiency brought to you by the United States government.

The Postal Service has reported a loss of $329 million in just the first quarter of the year, putting the government run agency on track for a

minimum (strong emphasis) $1.3 billion year loss. Last year the Post Office reported a loss of $8.5 billion.

The reason? According to the AP the Post Office continues to lose money due to a "requirement that it make advance payments to cover expected health care costs for people who will retire in the future."

On August 11, 2009 in Portsmouth, New Hampshire, President Obama stated the following as he attempted to make the case for government-run health care.

"UPS and FedEx are doing just fine, right? It's the Post Office that's always having problems."

And to think President Obama was telling CEO's how to create jobs, spend money and run businesses this week during his address to the Chamber of Commerce.......