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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.”
US Postal Service Warns It Must Continue Cost Cuts or Risk Bailout
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.
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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.
Not surprising that the same people who couldn’t run a hot dog cart can’t stop the Post Office from crashing and burning.