The Postal Service says it lost $740 million over the last three months and that without help from Congress its financial woes will only worsen.
The report for the financial quarter ending June 30 comes as Congress considers proposals to fix the agency’s finances. The agency lost $16 billion last year and is trying to restructuring its retail, delivery and mail-processing operations.
The service wants to end most Saturday and door-to-door mail delivery. It also is seeking to reduce its congressionally mandated $5.6 billion annual payment for future retiree health benefits. The agency says ending Saturday mail delivery would save $2 billion each year.
The Postal Service is an independent agency and gets no tax dollars for its day-to-day operations. It is, however, subject to congressional control.
(AP)
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2 Responses
Maybe they need a side business, like fixing typewriters, or shodding horses, or delivering ice.
The congressional mandated annual payment for retiree benefits is for the next 75 years worth of retirees. Most any business, if forced by Congress to do such a thing, would be going bankrupt. This is not really the Post Office’s fault, it’s Congresses – who were lobbied by UPS, Fedex, et. al. to hang this albatross around the Postal Service’s neck.