[supafamous]

Originally Posted by JDMDreams

Thoughts on the upcoming Canada Post strike? I don't think Carney will step in considering it makes him look bad. But then it's definately not a good look for Canada again, Canada Post is essentially bankrupt they say, so I'm not sure how they can give them more money? Maybe hire all the illegals? Good luck getting y'all property tax bills.

https://www.cbc.ca/news/canada/canad...acts-1.7539354

This summary from CBC about the Canada Post situation is pretty brutal.

About as bad as it gets. The last time it made a profit was 2017. Since then it has lost $3 billion.

The annual loss in 2023 was $748 million, even worse than 2022 when it lost $548 million, according to its latest annual report.

Until recently, Canada Post funded its operations without any taxpayer money. But that changed in January, when the federal government loaned it $1 billion to stay afloat.

This summer, Canada Post will have to refinance other loans worth $500 million and, it says, by 2026 it will need $1 billion a year from the government just to meet its financial obligations.

Canada Post has been described as "effectively insolvent, or bankrupt" and its situation as a "death spiral."

It's hard not to see the situation as largely the fault of an inflexible union.