Disclaimer! Ruralinfo.net is not sponsored or authorized by the NRLCA, the USPS or any state or local association. Click here to read full disclaimer

US Postal Service Warns It Must Continue Cost Cuts or Risk Bailout

WASHINGTON (Reuters) -The U.S. Postal Service said on Thursday it must continue to cut costs and boost revenue or risks requiring a government bailout to help the organization avoid financial collapse.

USPS reported on Thursday a net loss of $9.5 billion for its fiscal year ending Sept. 30, a $3-billion bigger loss than last year, largely due to a year-over-year increase in non-cash workers’ compensation expense. Total operating revenue was $79.5 billion, up 1.7%.

“If we do nothing more, we remain on the path to either a government bailout or the end of this great organization as we know it,” the Postal Service said in its revised restructuring plan issued on Thursday, adding it was facing a “still-precarious financial condition.”
  1. Ask yourself how much money does the FDA lose? The CIA? Secret Service? There’s a clue there; literally it’s a Postal SERVICE.. the only reason they run it like a business is to give managers cash dollar bonuses. Don’t let them fool you.

  2. Not surprising that the same people who couldn’t run a hot dog cart can’t stop the Post Office from crashing and burning.

Hot this week

Blaine postal carrier honored “National Hero of the Year” following dog attack

Blaine postal carrier Dave Hamilton, 55, received national recognition...

Special Labor Day Message from the NRLCA

Labor Day is a special occasion to celebrate the...

Newcastle Mail Carrier Honored for ‘Extraordinary Courage’ on Route

A Newcastle mail carrier was recently honored for his...

September is National Suicide Prevention Month

September is National Suicide Prevention Month, and the USPS...

Rural carriers hold a rally at the National Convention

  Click here to see photos
spot_img

Related Articles

Popular Categories

spot_imgspot_img
Secret Link