Monday, January 28, 2013

Postal Service teeters on the brink

Even as the price of a first-class stamp rose a penny Sunday to 46 cents, the U.S. Postal Service is operating on borrowed time.

“We are currently losing $25 million per day,” Postmaster General Patrick Donahoe warned earlier this month. The agency lost nearly $16 billion in its last fiscal year, and its line of credit with the U.S. Treasury is tapped out.

If lawmakers don’t act, it could run out of money “between six months and a year at most,” said Richard Geddes, associate professor of policy analysis and management at Cornell University.
Read the rest here.

2 comments:

Visibilium said...

Take away its first-class mail monopoly, and the resulting competition will show everyone what a rotten stump the Post Office has become. It was a state of the art operation in Ben Franklin's day.

Anonymous said...

thanks for share...