Postal Service, With $10 Billion Loss, Needs Help, CEO Says - Businessweek
This has been getting only minor media attention, but it's about to go bigger.
I wonder how much it'd cost UPS or FedEx or DHL to take over.
This has been getting only minor media attention, but it's about to go bigger.
I'm a tad cynical about the "breaking union contracts to save the USPS" theme, but I can easily believe that our mail carrier is going to start getting both Saturdays & Sundays off.The U.S. Postal Service may lose $10 billion in the fiscal year ending Sept. 30, more than an earlier $9 billion loss estimate, as mail volume drops 2 percent from last year, Postmaster General Patrick Donahoe said in testimony for a Senate hearing today.
The loss will leave the Washington-based service unable to make required payments to the federal government and puts it at risk of default as it reaches its $15 billion borrowing limit, Donahoe said in testimony prepared for the Homeland Security and Governmental Affairs Committee hearing.
The Postal Service, which Donahoe said may lose $9 billion next year, is asking Congress to let it break union contracts to fire workers, loosen a requirement to pay now for future retirees’ health benefits costs and end mail delivery on Saturdays.
I wonder how much it'd cost UPS or FedEx or DHL to take over.