What would you do if you ran a business that lost money year after year, was full of strike-happy workers whose own union constitution claims to be "working to defeat capitalist globalization," and the future prospects of which include the likelihood of losing a billion dollars a year by the end of the decade if things aren't changed?
The answer is easy - you would close the doors and run as fast and as far away as you possibly could.
But not so with Canada Post.
Why fix the problem, when you can just milk the public cow for more taxpayer dollars?
That has been the case for a generation at Canada Post, and when someone finally has the gumption to do something about it, the unionists and lefties claim the attempt to save the institution is a cynical ploy to cozy up to corporate buddies and sell off the albatross.
Newsflash: privatization is about the only thing that will save Canada Post - and it hasn't even been proposed yet.
Contary to what the Canadian Union of Postal Workers claims, Canada Post has not been turning a profit.
On paper, it may look that way, but its 2012 before-tax "profit" of $127 million was due only to "non-recurring, non-cash adjustments worth approximately $152 million," according to the Crown corporation.
That includes negotiating a more reasonable contract with its union and things like getting the OK from government to not bother making pension contributions for its workers because the plan is a staggering $5.9 billion in the hole.
Catch-up payments to make the plan solvent would ding the mother corp. a whopping $1 billion next year alone.
Without the voodoo accounting (which quite frankly scares the hell out of us because guess who will eventually have to bail Canada Post out of this mess), the Crown corporation would actually have lost $25 million last year - and it lost another $104 million in just the last quarter.
If you love your postal service so much, put your money where your mouth is - start mailing more letters.
A lot more.
Not interested? Didn't think so.
- Managing Editor