At 24:00 hours, 01 August 2012, for the first time the USPS officially defaulted, no thanks to the U.S. Congress.

Chock Full o’Crap commentators are gleefully calling for a fully privatized postal system. The U.S. Postal Service is already a contractor run system!

The USPS is also considered the most efficient postal system in the world: “The key thing about the U.S. Postal Service is it’s extremely efficient compared to its colleagues around the world…”-Scott Jackson, Oxford Strategic Consulting, February 2012

The United States Postal Service does not make money off taxpayers, they are solely funded by the postage they charge. The problem is that Congress dictates the prices charged by the USPS, and Congress gets to control the revenue (just like Social Security)!!!

Other Chock Full o’Crap commentators say the U.S. postal Service is not competitive enough. Yeah, how can they be when it’s the U.S. Congress pulling their strings?!

Because of the shenanigans of Congress, the USPS will not be able to pay a Congressionally mandated $5.5 billion USD payment to the U.S. Department of the Treasury, due by midnight 01 August. The USPS will also not be able to pay another $5.6 billion payment in September.

The Treasury department is supposed to apply those payments to retirement funds, but the way things are actually run in Washington DC, I doubt it!

It’s the fault of the U.S. Congress, people!!!