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U.S. Post Office losing billions
Has sending something through the good, old-fashioned Post Office become this quaint?
This week the U.S. Postal Service reported that it lost $2.2 billion in its most recent quarter which puts it on track to lose about $7 billion by September, CNN Money reports. Massive money loss is a trend the institution has been grappling with for years as more people turn to electronic means of correspondence. In the fiscal year 2010, the Postal Service reported a net loss of $8.5 billion.
The news comes less than a month after the Postal Service announced that some mailing costs will increase. A stamp for a first-class letter that weighs less than an ounce will remain 44 cents while the price to send parcels and magazines will be affected. Sending letters and packages to various countries will cost more. Dive deeper in your couch for that extra penny if you want to mail a postcard because doing so will soon cost 29 cents.
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@Big Game James: banasy is female, but I appreciate and agree with your point. @Seth: What's your problem?
The Post Office was created to fill a need the late 1700's. The usefulness of the post office has been surpassed by other couriers, technology, and the fact the government cannot let go of this "program" because of the amount of people it employs.
Shut it down! Shut it, shut it down!
I have one question that no news service seems to want to tough: WHERE IS THE MONEY GOING? Follow the money, find the problem!
Why don't they run the post office similar to garbage collection and only deliver/pickup 2-3 days a week instead of daily? Wouldn't that help cut costs and increase efficiency. I'm sure most people are like me and can go days without getting anything in the mail since most bills are now sent via email instead of through USPS.
HELLO STUPID ! DELIVER MAIL 4-5 DAYS A WEEK NOT 6 DUH
Our US post office should use green energy and green fuel for thier air and land post carrier to cut lost and save on energy use.
I strongly agree with Roland, what is the annual fuel cost for the post office just in residential deliveries? These vehicles should be switched to zero emission hydrogen. The government should lead by example and help create an Hydrogen infrastructure.
I keep hearing how the Post Office does not cost the tax paper any $$. The CEO states that they will save $500 million over the next two years but they loose $2 billion a year. What finance/management school did these people attend. Get Govt out of the Post Ofice/ slash pay and pensions immediately. Mail delivery 2/3 days a week and for heavens sake irradiate all non performers / and Unions.