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From what I understand they have two major problems. First, between email, online payments and automatic deposit/withdraw many people just don't use the mail anymore. I don't remember when the last time I actually mailed something other than a Netflix DVD was.
Their second problem is that they have a ton of unfunded pensions. From what understand a normal company that offers you a 401K or some kind retirement sets that money aside over the years to pay for the retirement/pension when that person gets old enough to draw it. The USPS (and many government agencies) don't do that. The person retires and starts drawing their pension and it is just another bill that they now have to pay. I read a while back that they USPS has somewhere in the area of 4-5 billion dollars worth of unfunded pensions. All those baby boomers who got jobs working for them are now retiring and drawing pensions at the same time people are stopping using the service.
Those unfunded pensions are likely the reason nobody would buy the USPS from the government and privatize it because they could never make a profit owing all that ongoing debt.
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