.@USPS is broke. Last year it lost a record $15.9 billion and defaulted on payments to the fed gov worth $11.1 billion.
— Darrell Issa (@DarrellIssa) July 24, 2013
Gee whiz! A $15.9 billion loss AND an $11.1 billion default! So that adds up to $27 billion in one year! Unbelievable!
And of course, it IS unbelievable, because what Darrell doesn’t mention is that the vast majority of the $15.9 billion “loss” WAS the so-called “default” of $11.1 billion. They’re not two separate items to be added together the way Darrell does in his tweet.
To arrive at the actual loss, subtract the $11.1 billion non-cash accounting entry from the $15.9 billion “loss” and the actual cash loss was $4.8 billion. Certainly not chicken feed, but it’s a small fraction of the $44 billion in past USPS profits already sitting in the Treasury’s
slush trust fund!
On the plus side, maybe the first response to Darrell’s tweet is a positive sign that the truth is finally getting out there:
— Howie Klein (@downwithtyranny) July 24, 2013