USPS to announce Saturday service cuts in effort to slash costs (CBS News)
According to reports the USPS saw a five percent decrease in the number of pieces of mail processed from 2009 – 2011. That decrease showed up in an operating loss for the USPS of $5.067 billion in 2011. Add to that loss the failure in 2012 of the USPS to meet two postal pension benefit payments. Those payments were for future postal retirees’ health benefits totaling $11.1 billion. Currently those payments to the U.S. Treasury are still in default.
Historically the competition problems that the USPS has not been able to overcome have come from FedEx, the Internet, and United Parcel Service (UPS). Piling on to the USPS woes, banks which featuring electronic payments, and the federal government who, beginning this year will stop mailing Social Security and other benefit checks, opting for direct deposit to receipients banks or debit cards.
USPS to announce Saturday service cuts in effort to slash costs — (CBS News) Get ready for some big changes in your mail service. After losing $16 billion last year, the postmaster general will make announce Wednesday that the Postal Service intends to halt Saturday delivery of first-class mail …