The U. S. Postal Service (USPS) continues to bleed red ink. It reported a net loss of $5.6 billion for fiscal 2016, the 10th straight year its expenses have exceeded revenue. Meanwhile, it has more than $120 billion in unfunded liabilities, mostly for employee health and retirement costs. There are many reasons this formerly stable federal institution finds itself in the brink of bankruptcy. Fundamentally, the USPS is in a historic squeeze between technological change that has permanently decreased demand for its bread-and-butter product, first-class mail, and a regulatory structure that denies management the flexibility to adjust its operations to the new reality.

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