No, not the band, the US government agency. Like Borders bookstores and Tower Records, it’s been hit hard by the internet. Its high-margin product, first-class mail, is rapidly giving way to email. But unlike Borders and Tower Records, which declared bankruptcy, it continues to pile up losses — on our account.
The Times notes: “It has defaulted on three annual $5.5 billion payments into a health care fund for its future retirees. It has also exhausted its $15 billion borrowing limit from the Treasury.” Congress has responded by killing off efforts to eliminate Saturday deliveries, close rural post offices, and cut healthcare costs. Maybe Sunday deliveries for Amazon with do the trick.