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Activist Post
On Friday, August 3, 2012, the United States Postal Service experienced its first-ever default on a Congressionally-mandated payment of $5.5 billion for the retirement benefits of future employees.
Although USPS is claiming that, for now, the default will have “no material effect” on the operation of the Post Office and that the agency will continue to deliver mail and pay employees, the fact is that this financial quandary has raised new questions regarding just how long the agency will be able to operate.
After all, the USPS is expected to default on the second half of this payment – another $5.6 billion – in September.
