Postal Service losing a billion dollars a month

Looks like we can say goodbye to Saturday postal delivery. The USPS, who announced they lost $3 billion in the last three months of 2011, are asking congress once again to ditch Saturday mail delivery and cut health care costs for its workers. Washington Times: The latest in a string of multibillion-dollar deficits renewed calls by the Postal Service for legislation from Congress that would allow the mail service to cut a day of home delivery and restructure health care costs. Postmaster General Patrick R. Donahoe warned that without legislation, the Postal Service wouldn't be able to hit its target of reducing costs by $20 billion by 2015. "We do not want to be a burden to the taxpayers," he said at a meeting of the Postal Service's Board of Governors early Thursday in Washington. The Postal Service doesn't operate on tax dollars, relying on revenue from customers, but it has borrowed billions from the U.S. Treasury as its finances have grown worse in recent years. The Postal...(Read Full Post)

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